2 of the 4 horseman run around here, but NEITHER will answer any of my questions...Those who can PEE in a big stadium, those who can't.....post 20+ times a day on et....enough said
Makloda is indeed correct. It is the single most significant reason that ET has become a website with absurd content that borders on the level of what is seen on a Yahoo Finance Message Board. One "cut and paste" post after another by the resident ET guru's such as S2007S as well as others who haven't even taken an Econ. 1 class but have a much better "understanding" of the banking system's woes than Fed Chairman Bernanke. Just a bunch of college kids down in South Florida playing on the Internet and getting "paid" per post. Why else would a thread be kept "alive" by the mods and owner of this website for 35 pages in the TRADING FORUM that was created by some guy who believed himself to be Paul Tudor Jones, but clearly wasn't?
Interesting chart, but no one really "trades" given those time frames. Besides, a much better "signal" is simply to get out of longs and start trading from the short side once the 40-week MA is broken . . . Because by the time you get the actual 40/80wma "cross-over" most of the price decline has occurred and you subject yourself to a helluva "whipsaw". And yes, the 40-week MA can be used as overhead resistance and possible trailing stop. Nothing "new" there. Add a few fibonacci retracements and it give s you additional perspective.
Wall Street was mostly higher Friday after a government employment report showed the nation's employers cut far fewer jobs than expected last month, stirring optimism about the buoyancy of the economy. ADVERTISEMENT A separate report showing factory orders increased in March following two months of declines helped boost investors' enthusiasm. However, a surprise loss from Sun Microsystems Inc. weighed on the tech-laden Nasdaq composite index. The better-than-expected employment report came days after the Federal Reserve lowered interest rates by a quarter point and signaled it could stand pat at future meetings -- a move that could help shore up an anemic dollar and combat worrisome inflation. The Labor Department's report that employers cut 20,000 jobs in April was a relief to Wall Street, which had been expecting payrolls to fall by 70,000 jobs. This marked the fourth straight month of job losses, but the data signaled that perhaps the economy might be resisting falling into recession. The Commerce Department said Friday that U.S. manufacturers saw orders increase 1.4 percent in March. Economists expected a 0.2 percent increase after declines in January and February. Meanwhile, the Fed said it will work with European central banks to expand a series of efforts to deal with the global credit crisis. The central bank will boost the amount of emergency reserves it supplies to U.S. banks to $150 billion in May, up from the $100 billion it supplied in April. "This is going to put some fuel in the tanks for stocks," Chris Johnson, president of Johnson Research Group, said of the employment report and the Fed's moves. "This was a direct hit in terms of the economy fighting back." In midday trading, the Dow Jones industrial average rose 62.37, or 0.48 percent, to 13,072.37 after being up more than 100 points earlier in the session. Broader stock indicators were mixed. The Standard & Poor's 500 index advanced 6.82, or 0.48 percent, to 1,416.16, and the Nasdaq composite index slipped 2.00, or 0.08 percent, to 2,478.71. Stocks surged Thursday as investors viewed the rising dollar and falling oil prices as promising signs for the economy. The Dow soared nearly 190 points to close above 13,000 for the first time since Jan. 3. Bond prices fell Friday as investors moved into stocks from the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.87 percent from 3.77 percent late Thursday. Light, sweet crude rose $3.27 to $115.79 per barrel on the New York Mercantile Exchange. The dollar was mixed against other major currencies, while gold prices rose. In corporate news, Sun Microsystems shares fell $3.44, or 21 percent, to $12.88 after the company stunned investors late Thursday by reporting a loss for the third quarter. The server and software maker blamed the loss on sagging sales to U.S. consumer-oriented companies that are delaying big-ticket spending. Advancing issues outnumbered decliners by nearly 2 to 1 on the New York Stock Exchange, where volume came to 538.9 million shares. Overseas, Japan's Nikkei stock average rose 2.05 percent. In afternoon trading, Britain's FTSE 100 rose 2.11 percent, Germany's DAX index added 1.36 percent, and France's CAC-40 rose 1.46 percent.
damnit it would seem there are some other decent players here. good analysis OP, almost identical to mine. except i was looking for a fake up tp 1420-1430 (lol luckily todays figures pushed it right there so i fell like a genuis haha). perfect spot for a squeeze. think game theory. a million idiots waiting for the 'key level' 1400 to be taken out. so the sellers obv will pull their asks to let it through to get idiots like stockturder to buy at the temporary top then sell ultra hard. i too think we will get the next hard downleg soon. maybe it starts now or maybe we get one last pump week next week taking us to 1440 ish first. regardless of where we are going long term im short ES right now. if we break todays high im out and will reshort after next big upday. i covered 2 contracts at 1413 already, leaving the other 2 as a swing trade. (prolly should have left all 4 on lol..but im a pussy) target is 1300-1300. i will prolly cover 1 contract at 1330 ish and leave the other to run to 1300 ish. then we may rally back to all time highs as OP says. or maybe the FED will fail and well take out the 1270 lows. i dont know and i dont care either way i hope there will be plenty of $ for the technical/game theory trader like myself now i just gotta hope there isnt a massive rally later today or ill look like a fool...
I think we may be looking at a squeeze within a squeeze. The inner squeeze is the one that you are trading, which is to fuck up all the early longs who jumped in immediately after the break above 1400. The outer squeeze is to suck in a much greater number of longs by pushing the SPX to the high 1440s, and dumping from there. I think the inner squeeze is over now, and the outer squeeze is in progress. That is to say, we go up to the high 1440s from here. Furthermore, in order for this game to be played correctly, the SPX should not be allowed to go below 1400 while the game is played, because if it did drop below, we would lose all the longs whom we are planning to fuck at 1440s.