I have the same idea here, looking for a entry here, will be 3rd attempt. Good thing I bought puts last 2 times, will do same this time round. There is a classic pattern on 4 hour chart, trouble is we can either rally right now or get a headfake move to test support, sucking in weak longs and then taking off wildly. So hedge is important. Good luck to all, buying or selling. AS, I am answering here instead of ES journal, yes, but headfakes are a regular occurance, but it does look like it's quite ready to head towards average divergence price zone, also FDAX seems to be frontrunning with it's 4 hour chart.
Dynamic hedge in place...and I am really thinking about becoming Goldman Sachs Premium Brokerage Customer...these guys need a little bit more income...maybe calling Don Bright and profiting from 6 times leverage...
I have opened long position off daily pivot, hedged. Looking forward to 4 hour chart making it happen.
I can´t remember last time we experienced the kind of late session sell-off like on Friday. I am getting really, really bored by subprime news flow. Yawn ! Ebay has been the latest "casualty". for some value investors Financials are beginning to be interesting, although we may see lower prices. But who is going to ask in 2 years time about this confidence crisis ? It will be remembered as one of the market corrections - and that´s it. Looking back at the Russian crisis, LTCM, Argentina, Asian crisis...where do we stand now ? We are living in a global economy. IB´s are looking to generate more income out of U.S. In the summer I read already about the departure of some Wall Street Vice Presidents to their new location in London. Guess why ? Europe and Asia are the new playing fields ! So, I play it with the FED: and FED´s message is, we will avoid recession ! I stay long, hedge in place. Market´s year end rally just a matter of when to start !
Banks Said to Agree on Credit Backup Fund The countryâs three biggest banks have reached agreement on the structure of a backup fund of at least $75 billion to help stabilize credit markets, a person involved in the discussions said yesterday, ending nearly two months of complicated negotiations against a worsening economic backdrop. Officials from Bank of America, Citigroup and JPMorgan Chase reached agreement late Friday, settling on a more simplified structure than had been proposed, said this person, granted anonymity because he was not authorized to talk for the group. Bank participants, money market investors and even some managers of the troubled investment vehicles that would benefit most had considered previous versions of the fund to be infeasible, casting doubt over a final plan. Discussions had been taking place since early fall, when the Treasury Department convened a meeting. Now, the proposed fund could begin operating by the end of December, this person said. The banks could begin asking roughly 60 financial institutions to contribute to the fund by Friday or early next week. It´s high time...
HSBC to reveal new $1bn sub-prime hit HSBC will this week reveal a further $1bn (£475m) of bad debts stemming from its American mortgage business, amid mounting fears that the full impact of the global credit crunch has yet to wash up on British shores. never-ending story...
If I am right, the London guys are targeting stops beneath 7800.00. Lots of weekend night club bills need to be paid....