yes Joe, I think you'll get your targets today! unfortunately. This is getting scary! Dow could very well take out it's yearly low also, if not today, definetely tommorrow. Do we dare go short from here?
I went back SHORT w/ swing futures trades this morning. Added the call contracts to hedge. Then spent the entire day away from the computer! No worries with this volatile market. Only risked a few k and viola! A 6k gain and more downside very probable. Cool thing is, even if the account added another 5k (I'll add another LONG option trade) and the Fed cuts (or something) to try and yank the new 5k from me. . .I'll still keep about 3k - even if the Dow bounces 1000 points (at some point it goes dollar-for-dollar). I can still be on vacation. . .let the Fed-induced gains evaporate, regain the 5k and still be positioned for another 7-10K depending on when this downtrend wants to end. For a while I had to just sit out or watch the computer all day or close positions that were HUGELY profitable for a small gain - and not want to enter more w/ the trend. This is how trading/managing is supposed to be! pay$ense
This is what the market has done in the past before all this crazyness it would get to the target or 1 ext below or above and snap back like it did today
JB, Wanna take a stab at what level we will <i>surely</i> (I am thinking, PPT don't have that much money to fight the volumous sellers this day and at this level) find near-term overhead resistance?!? This just doesn't <i>look</i> like an up move to fade. gA aka p$ In other words what the gurus like yourself know will be the upper reversal level.
Prepare not predict the market, however great call just under the breakout level 821.25 The market moves or has been moving about 3% per day on the wild days we go 5+% so at about 3% or so u can expect a reversal to par, unless of corse the market freaks out !........LOL But that is how I have been looking at it so far always watch the Higher Highs & Lower Lows that will tell the story
Nice. I became closer to fully vested (wrt my margin allocation schedule) adding near that target. Ugly close. That being said, I know the averages are near 2002-2003 levels. It seems they want to bounce HUGE off prior support. Any idea on what that may portend? Perhaps a vid on the BIG level we are near or at. I know we broke the 2008 lows - but a look at the longer-term chart may not allow for an easy continuance of Bear Market declines...at least for this near term? Regards Always, pay$ PS - I noticed how tight your level spread was today. Seems the first hour High and Low nearly completed this. Again, specific BIG levels we may bounce off of?
<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/P04neOPxgT0&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/P04neOPxgT0&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object> Vid from 10/24/2008 with the 790-744 target Well we hit both today........well almost 745 anyway HAHAAH another wild day I will try to find some area that may hold >>>>>>>