My target at 803.00 was filled and I see we are now trading right at the VERY CRITICAL 800.75 to 797's zone of resting long inventory. This is the area which should cause price REACTIVITY with either a BOUNCE out of the zone or a BREAKTHROUGH which will accelerate us most likely for a run to new yearly lows in the days ahead. This zone NEEDS to hold for the bulls to have any chance of holding this market together imo........this IS IT....this is the LINE IN THE SAND. Next target now at 793.00 If resting LONG inventory all flip out of there positions here today (resting long inventory stops down as far as 795's) the selling order flow will increase which will cause a nice breakdown move. BTW, we sit here at 800.75 as I type.....too funny. :eek: Vertigo3 - this is NOT an area where I will start trading to the LONG side.
OK.......large order flow just went through on the tape and the 800.75 to 797's zone has now been neutralized (did anyone watch that big multi-point instant drop in the ES as we traded through....cool) Held resting LONG inventory positions have now ALL FLIPPED OUT!!! Now things are going to get fun!
This is going to be some trading day to remember. Are we bouncing off the lows set in mid november or do we break them, if we break them there is going to be a MASSIVE MASSIVE SELL OFF, could lose 400-600 points this week alone in the dow, DOW 7000 is coming soon.
Yes Sir....the ES breakdown run to new yearly lows should keep GOLD running.....my next profit target in GOLD is at $986.00
My next targets will be scale outs of my Rydex 200% Inverse S&P500 positions with any trading of the ES from 785's down to 715's. If the ES trades below the 715 level in the weeks ahead, then I will still have 50% of my remaining held Rydex positions to take advantage of additional major selling into the 600's (hopefully that will not happen but you NEVER KNOW!)