That was FUN! How classic was that? Gap up after a narrow range day, ticks above 1,000 early on, and the "double bottom" in the ES (9:50 or so, came within one tick of the LOD and bounced) A total slam dunk...You knew from early on that we would close on our highs! [09:14] <Bo> nice premarket futs [09:14] <Bo> The calls and SV should love this [09:14] <Bo> we have all the making here for a trend day to the upside [09:14] <Bo> will be watching for extreme ticks and tight ranges off the open as signals of confirmation [09:45] <Bo> market holding [09:45] <Bo> good signs of breakaway gap [09:45] <Bo> and we saw a +1000 in the tick Too bad we only get these from time to time Good Luck and Good Trading! -Bo Yoder
You better keep that memory, because (in my analysis) its likely that the market won't reach these levels again for a very long time. When the market crashed through 9000 it was not a start to a double bottom. It was a clear signal that the Dow spiral is in full effect. Sure, we've had a nice bounce the last week but I don't think it's going to last. Reversal's of bear markets don't just happen in a week that everyone can point out on a calendar, they happen very slowly when no one cares anymore.
Like I care! I'm a trader..... I banked some super gains off that bounce, and now am shorting stocks (KMB) as the market corrects. I just think it was cool to call a support level more then a year ago, go long right at that support and ride a 900 point rise in the Dow! (and in a public forum... no hiding behind some obscure room or newsletter mention ) If your interested in being right, your lifespan as a trader will be a short one. You just have to find your support and resistance levels....buy at resistance, sell into support, and let the trend go where it will. Good Luck and Good Trading, -Bo Yoder
Nice wiggle for the ole' Dow! After the run up, it fibbed back to 8k in a text book 62% retrace. Remaining calls got happy feet today... back up to 1.5 to 1 r/r levels. This is looking nice! Major fib support bounces dow 1,000, now we have a higher low on a nice 300 point trend day which forms off a fib support level. Now all we need is a higher high on the daily, and we are in a confirmed uptrend!! See y'all at the expo! -Bo Yoder
FYI...Closed out the remaining calls I had today. I could probably get some more out of them tomorrow, but I'm off to the expo and will be unable to watch. Good monthmaker trade for me. I'm conquering one of my last weakness as a trader, which is knowing when to step up the size as the market gives you a great trade. It really kicks your month into high gear when you take a 3 to 1 on double or triple size! See you at the expo! -Bo Yoder