OK....what a day......we end near the LOWS with NO delta NET Long Holders zone below us. :eek: AH session will be rough again it appears and the Asian and EU sessions will be trading with the US market at a level of no KNOWN support! :eek: Covered more Rydex positions today as we traded through the 700.00 level in the ES.......now left with my last 10% of the Rydex 200% Inverse S&P500 positions. The primary objectives of this long term SHORT trade have now been achieved!
I goes to show that you can have slick video s and still be retarded ...graphs with way too many trendlines render their usefulness as nil. LAstly that video yaps about insider buying in banks...i dont know how inexperienced he was but that was a very obvious pr move.The amount of money invested was peanuts given the 90% decimation the shares had received.In fact if anything that paltry insider buying commitment was an indicator of no confidence and a sell signal... i did mention this point on one of these threads back when this insider buying took place....
Hi AMT, A friend just recommended this thread to me and I'm just all caught up. Since we have no net long holders below us, what would be the next step in terms of planning the trade? Would you wait for a long base to form or for net shorts to form above the current price? if say a net long delta zone did establish itself, would u take the break out buy or would wait for a retest of the net long area? also, do you use tradestation or ninja trader? I'm writing some codes that would accumulate buy sell volume for me however I've heard TS bid ask volume prints on times and sales are wrong sometimes, don't know if you've ran into such problems. thanks in advance for your time. JW
The best thing at this point for the current market would be for price to trade down to the area near our current yearly low. A return to the 700.00 area or just below would create the ability for buyers to start layering in new tick levels of newly initiated buy inventory.......then a rally off this new zone would be bullish short term as we would now have a clear zone of buy support (resting held newly initiated buy inventory). With no real significant buying zone below us at this time it leaves current price trading with no real known support..........would you want to hold new long positions with nothing at your back as defense. We need to return to yesterdays low and bust on through to pricing levels where real commercial buyers are WILLING to buy, or they need to come in and defend the current low and put in some decent sized newly initiated resting buy inventory (create a support zone). BTW, I do not know of any cumulative delta tools in TS that work properly.......I myself use Ninjatrader for trading and Investor RT for charting (with their cumulative delta tools).
Yesterday the $VIX reached a new high as it ascended from the open at 49.96. The high of the day is 53.25. The low of the day 48.35. The closing candle is a continuation spinner resting on the 8 sma (47.85). As market internals continue to flat line it may be a waiting game before any significant movement on the $SPX occur. http://stockcharts.com/h-sc/ui?s=$VIX&p=D&yr=0&mn=6&dy=0&id=p23129100789&a=138587146&listNum=1
Now we get our proper test of yesterdays low.....we have traded through to the low 690's so far....lets see if any commercial interest will come in and build up some newly initiated buying that is significant.
I was a buyer for a scalp LONG trade today at the 692's/691's with a buy signal in the delta I use.......so this was the first sign of some support being built up by decent buying interest so far today. Now we currently have a zone of NET Long Holders in the 694's to the 691's....we will have to see if this level will hold for today with any new selling and test of this zone.