Pabst, check out the fairly substantial gaps down on the three days preceding that fateful Monday. Certain foreigners dumping on the open I'm certain of it... the market started diving in late August, and it was an outlier downtrend without any "known" catalyst, e.g., the Asian financial crisis.
Dude, that's what makes trading and accept tomorrow's prices as an early Christmas present. You know what to do.
How retarded... a market likely to be up 4% 'cause we find the arabic Santa Claus hiding in a hole, nervously fiddling with his beard... Christ, I didn't see so much as a Sat dish & TiVO in that hole, let alone a command and control center. arb.
Opening gaps (based on Globex BID/ASK) appear: NQ +25.5 (1445) ES +9 (1083.00) I'll guess that NQ can usually eke out +30 on a rally, ES, +12. Thoughts? My bet - retrace should only be about %50, so go long at: NQ 1431 (+13) ES 1078.5 (+4.5) 15 mins till Globex opens (right?). I don't trade the overnight jungle, but am curious here.
First I will be honest and admit that I am 100% short right now. The question I have to ask myself is if I were flat would I want to go long? If I did, I would keep a pretty tight leash on the longs. I'm sure alot of the fund managers and institutions are glad to be long but now what? They might have been planning on a small tame run up until Jan 04. This Saddam thing is a problem for them. If we move up heavily alot of sellers could start locking in profit and cut this rally off right now. I will just react, maybe play some futures to to the long side but keep my finger on the sell trigger. Lick my wounds if I necessary. I would have liked to see the look on my face this morning when my wife came into the room and said " I have good news honey... they caught saddam" eeeek .. don't kid about something like that I thought . This was not part of my trading plan for December . LOL I am glad we caught him!! short, Long or flat... May the trading gods be with us all!! :eek:
Market open tonight on the ES looked like a normal market opening during the day. Gap gets faded. Honestly, I thought there might be a higher open. I guess we'll have to wait until morning to see if the gap expands.... I was short going into the session (on a swing trade), but stops did not get hit. I expected them to get blown out...