Discussion in 'Trading' started by Cdntrader, Dec 14, 2003.
Saddam Captured - How will mkt react monday?
uhhhh... I was pretty sure having voted 2), but now everybody seems to anticipate this...
I think the saddam news will add to the spirit of revival that moved the DOW above 10k a couple of days ago.
So I predict some serious berserking extending well into the week. Can't be more specific, berserking, by definition is unpredictable
When we toppled his statue 8 months ago, we had a huge gap up then trended down for 2 days.
Maybe his capture will be different, I am excited about the potential volitility on monday, but I am not going to buy and close my eyes expecting a huge uptrend day.
"berserking" ... I like that. As long as it berserks my way!
The market can still climb a wall of worry. The decline of the dollar is troubling.
IMHO by Monday morning all you are going to have is a big overnight gap up and a flatliner of a day in the index futures.
2% GAP up on the opening.
Total "flatliner" over the entire day ( like Bob& Cathy said above), with a slightly weaker close, but still up dramatically on the day.
The "reversal" will take place later in the week.
Will have to be very careful and "Layer" their entry...you better not dump on all you have on Monday! This could run North all week...ANYTHING is possible in world affairs and the market! Be very smart and be VERY patient... If you trade out of two accounts (the preferred method IMO), then go LONG in one and after a good period of hesitation (at least 1 hour in duration) from the run-up, start entering position layers for a SHORT position. You can ONLY scale into a situation like this for a SHORT play. You should put no more than 10% of your overall intended SHORT position at each price level layer, as price makes new highs (S&P 500 highs) and hesitates again enter another 10% layer...this could last one day or several days...ARE YOU READY!
Play Both Sides Monday Ahead!
BTW, I will be ready for ES LONGS come the Globex opening this evening...should be a very interesting market play to learn from.
Can someone refresh us on limit up conditions for ES & NQ? Is there such a thing anymore or just for limit down only...
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