Kudos to MMs

Discussion in 'Chit Chat' started by nitro, Oct 23, 2008.

  1. Daal


    MMs get the same amount of kudos from me as MGM mirage does when they lose big to a lucky tourist: zero
    #11     Oct 23, 2008
  2. The volume all day was been weak.

    Except for the past 30 minutes when the dow surged 200 points.

    This means the buyers are in control. Cover all shorts. Huge white candles.
    #12     Oct 23, 2008
  3. The move down happened while I was at work. I was relieved to see it was on low volume. It wasn't a surprised that it started up again after lunch.

    Lately the trend is a move up in the last half hour or so. Today it started about 2:15.

    I think buyers are in control.

    The markets were in asymmetrical triangles. This was a false breakout to the downside. Now the real breakout to the upside is coming.
    #13     Oct 23, 2008
  4. nitro


    Would have loved to see 900 SPX on 6M ES and 1.5M NQ. I'll take it though.

    This is controversial. This feels like a trade able bottom. But the volume does not confirm.

    #14     Oct 23, 2008
  5. Market-Makers don't have a time horizon of a WEEK . . . More like 2 hours!
    #15     Oct 23, 2008
  6. Aren't triangles "supposed" to breakout in the direction of the trend preceding the triangle? In this instance, to the downside? :confused:
    #16     Oct 23, 2008
  7. Yes, *unless* they appear after a bottom.

    So the question is if you believe it was a bottom? If no, then breakout down. If yes then breakout can be in either direction. Today's doji put it back into the triangle and I'm putting odds on a breakout to the upside.

    There just isn't much selling pressure left. Buyers are waiting for the price to go lower, possibly to 10/10 lows before buying up bargains. Like waiting for the after christmas sale.

    But no more selling pressure. So that means any day buyers will step in. When that happens EVERYONE will jump in (follow the herd) for fear of missing "the" bottom.

    It's going to happen fast. This triangle is like a spring that's going to pop.
    #17     Oct 23, 2008
  8. nitro


    People are shell shocked. MSFT on those numbers in this environment would normally send NQ +30.

    The apathy is near what we want. When no one wants stocks no matter what, that means we can see the clouds parting.

    #18     Oct 23, 2008
  9. nitro


    EUR.JPY and CHF.JPY on the verge of a breakout. Watch for that in the after hours, as that could be worth tens of thousands of dollars on a good trade to the long side in our night SIFs session.

    #19     Oct 23, 2008
  10. nitro


    Looking for a trade above about 126.45 EUR.JPY and 84.45 CHF.JPY.

    #20     Oct 23, 2008