Sunday ES futures gapped up and ran almost 20 points to 957.75. A strong move after hours Friday in the closing hour coupled with this gap up looks might bullish to me. As I write this, ES is trading 948. Given this movement, I added a tad more at 948 in my speculation that the market holds up here. All stops on positions are tucked in tight and a good deal in the money. Position ------------- 940.25 1 part long 907.00 3 parts long 920.25 1 part long 948.00 1 part long
After bouncing around crossing 940 for weeks (a number that I mentioned numerous times the past few weeks), the market gapped up interestingly on Sunday. It is 3:15EST as I write this and there is quite a bit of activity. Fading gaps after the market criss crosses a key level is usually not a good thing. I'd say there is a very good chance that the pros are protecting the gap. The odds highly favor bulls - especially when it looks like a pole and downtrending flag - one of the strongest, if not high percentage plays to go long on.
3:30AM EST This is starting to look like a surprise open for Monday. The futures market could be up strongly if buying pressure continues and shorts in disbelief don't back out of the way of a moving train. This could setup Monday to be a significant gap up day for the entire market. Being a swing trader, I would be more uncomfortable if I was short and seeing this strong support here in the early hours. Just calling the way I feel and see it on both sides of the table. If true, this would be a huge bear trap that was set Friday. Stocks that look like a long buys this week are: ABK - 3x bottom potential FRE- higher low potential FNM- higher low potential F - 3x bottom potential GM - 3x bottom potential AIG - strong relative to market DELL - extremely cheap CSCO - value play FCX - higher low potential MSFT - 3x bottom potential I go to sleep with this thought: "A man who works with his hands is a laborer; a man who works with his hands and his brain is a craftsman; but a man who works with his hands and his brain and his heart is an artist. " - Louis Nizer
Let's not forget our boys out in the field and why this country is great. If you lost hope, see things in a deep dark way, you have lost what many generations before gave you the right of freedom to what you do today. God Bless The USA Dont ever forget that shit. You have the opportunity to turn this around despite all the negativity that is going on right now. Its all in your attitude and the away you see things. I surely don't want to lie in my grave with an sour epitome saying I exploited others through fear and negativity. You cant take $$$ with you. Only your integrity and character. March higher and watch what good it does for you, the public, the world. EVIL ALWAYS LOSES. ALWAYS. Good trading.
Markets in turmoil, recession, blah blah blah. Fear, terrorism, blah blah blah. All bullshit. I dont want to see 880 ESZ8 in the next 6 months. You don't want to either. Defend your country's financial system because if you don't, some other country will be running it, buying up US corporations on the cheap and putting your kids through slavery. LOVE YOUR COUNTRY AND QUIT THINKING NEGATIVE. GO USA. SHOW SOME PRIDE.
I am going out on a limb and calling Citigroup (C) 3 month bottom here in the $9's. Citigroup hit a low of $10.34 today and closed $10.80. Good to start opening up a long position and accumulate.
11:30AM EST Crazy size bids and offers showing up on ESZ8. Anywhere between 500 to 1500 contracts on both sides. ESZ8 trading 854. Absolutely nuts.
2:10PM EST One of the few days where I've seen President Bush speak and the market has not gone down. Quite amazing and is encouraging. This may be Mr. Bush's' most defining moment. A great speech.