I believe ES is poised to correct. But I take my hat off to those that stay long at this level. Of course having lived through the 80s, and then the 90s bubble I have learned to never say never to any scenario so perhaps it trades to 1400. :eek: I just believe the better trade on ES at this juncture is to the downside. Famous last words of many the past months, eh?!! Comments?
============== Ice; Yes ,its correcting premarket all ready, short looks better than long, first 2 days of OCT nice polar bear move. And OCT, especially very late OCT-JAN tends to be strong long; especially NasdaQQQ Historically, may be a bit early too get much long here , so not, but 4th quarter longs have been kind & profitable in past, especially NasdaQQQ. Wisdom is profitable to direct
i observed some large dumping of futures near yesterday's close. however being expiry it may take all week for ES top to be firmed but I "think" we have some downside potential from this price. as you note Q4 is the wild card; and the public is just beginning to take notice. maybe we are going to see BII (bubble# 2) question is how tradeable is the downside i.e. R/R
ice, looks like limited downside reward as NDX bottom of channel is around 1668 (cash).........im waiting til then as entry....going long unless breaks through
Well, we traded 1380.25 today so I guess we get another failed top call. I find these threads kind of funny especially after we have traded through about 20 of these thread levels. LOL.