<i>"Not a pissing match though. I'm just saying, based on PA, guys were going long around here that I saw. I went long myself and got scared off cause it was past 3:30 and took my measly 2 points."</i> Sounds good, <b>kid</b>... I meant no disrespect at all. Just read your post, prompted me to skim the log and saw where anek held short looking for new NQ lows, saw you asked who was long and no replies at the time, before the ramp got underway. Office work for me until noon today, had too much free time on my hands. ESPN news is void of NFL happenings, and I don't care to read about #54 leaving the Dolphins. Spent more time here than usual, Friday is already forgotten, Monday is the only thing that matters from here. Taking +2pts is better than no points, and always better than -2pts. It all adds up in the end
If you do not beleive that the markets are being influenced, your a fucking moron. (which equates 99% of ET) The move on friday was a traditional "Influening" call. As are the Rate cuts, soon to cut to zero.. The current market enviorment is not that of a "Free Market" to allow the pressures to work things out. This market is being "Manipulated" by a variety of tools, which are perfectly legal. Much like LTCM was bailed out, so goes the entire "Stock Market". The economy is in a recession and will stay in one regardless of the "Markets". The econ and inflation data show that "Manipulation" of the stock market is having zero effect on the over all economy and is smoke and mirrors. It just keeps the "Sheepole" spending beyond their means. Makes them feel good, like MOTHER Is supposed to. There is no "illegal market manipulation", in the what has being going on. Non the less, its manipulation at its finest. You do not have to be short the market to understand this. First the recession then the BEAR. We are not close to a BEAR yet, but it seems as if the SET UP into the first move is happening. Yet, we could only have a slight drop, maybe another 10% at most and the market would return to these levels going into the election year. Even if Obama wins, this market can return to rally mode. Thus, perfect set up for a true crash, in the mist of a return to 14000 and dancing in the streets. :eek:
Nice post. Of course the "manipulation" works because the short interest is indeed tremendous. If the market was stuck long on these bogus events you'd see sellers emerge on the upticks. Instead it's shorts squealing like rats in a trap. (what a weird metaphor, lol) While I also expect the economy to worsen be mindful that negativity is priced in. Jeez I look at some individual charts (how about a diverse index of SBUX, GE, C, INTC, TOL,) and I'm shocked SPX isn't 980. Of course ex-oil and global tech it very well could be. Hence it's more 70's than the notion of crash/29. We already had the crash. That was tech 2000-2002. This is post-Nam. Wicked back and forth. Finally of course it'll be 1974 and we come off 40% from some level.
BOTTOM LINE: anyone who thinks this was some crazy technical area or a support or pivot, etc etc...is a total imbecile! this mkt exploded only and ONLY on gasparino's report. period! after i read through this thread i realized how many baffoons and clowns write all over this site... i would like to know how many of these 'technical analysts' who mentioned this was some kind of a "level" were so confident that they loaded the boat long as we finally spiked to a low around 3.30 after it broke through the day long support on ES. bunch of clowns. everyone is some expert...and genious. it was NEWS related...case closed. don't read into it...either you had a REAL sac to buy it big on the news ... or you're just a typical clown who just talks and has reasons/excuses, etc... if you read about what's going on in the credit/muni mkts...you'd realize that the ABK news is huge. no offense to anyone but the stuff i read here sometimes is so absurd.
AP, Not that it matters but by the time the resistance pivot had been blown neither top or myself were in the channel. Top had not visited the channel during market hours and IRC kicked me after I took the last short *BEFORE* the pivot had been taken. Once that pivot was blown based on AHG rules it's a 100% trend change, aka long. Just clarifying. Anek
I actually hope you don't think I meant disrespect. I enjoy your posts on here and I realized I might have come off with the incorrect tone. My trading abilities are limited at this point though I am trying very hard to change that, but I did recognize the change in trend when it happened and had to fight all my urges from jumping on it. That was my main point... Oddly enough... those 2 pt trades are exactly why I'm not doing so well. But lately, I have been changing that becoming ok with taking more losers in a row, but shooting for the big winners. Just trying to find my groove...
<i>"Once that pivot was blown based on AHG rules it's a 100% trend change, aka long."</i> Completely understood, <b>anek</b>. ES 1333.75 thru 1334.50 were no less than five tech-tool bullish breaks. That buy zone was a red-hot read... for those who wanted to swap directions of the six-hour trend at 3:30pm est. After that, 1344 - 45 was likewise several important overhead layers broken, at 3:45pm est. To be honest, if I were up +2pts ES or +22pts ES for the day I would have taken one more trade. But... working all afternoon for -4pts ES left me with +10pts net remaining from the morning move. Simply didn't want to gamble any more and wind up going backwards for the day. Had enough, swept my chips off the table and watched the cards turn face up. By far the longest running educational thread(s) here in this forum are the P&L series. There we see traders posting real money results thru the years, and most importantly read their comments at the end. Studying the behavior and thoughts of traders come & gone, traders still around is more enlightening on an advanced level than anything related to nuts and bolts. One of several patterns we see thru history is how traders do fine all session long, then blow their wad in the final hour or half-hour of trading. Then look at how it affects them mentally & emotionally. The trader lives with six hours of satisfaction with their work, only to wind up with frustration & angst from the final thirty minute's overall result. Whether it's sideways volatility or sudden reversals, final hour moves can be trappy. Worse, they can ruin the day - evening - weekend mentally, which carries over into next trading session. I've learned to quit trading too soon, and it helps me keep more profits and more emotional sanity overall. If I reach a certain point of profitable, I'll keep pressing if gains accrue. Slight giveback from there, I'm done. That approach worked for +20pts ES and +15pts ER on Thursday. Period past 3pm est often has some wonderful moves. It also has lots of razor sharp surges and wide sideways rolls at times. Lately it is the heart of computer war zones. Suitable for veterans only when things get wild there. Fast-action "guesswork" and instant risk-reward scenarios thinking need be applied. * Off for a day of ice fishing with friends. Conditions are perfect, my only thoughts from here are about perch & walleye fillets. Monday will be here soon, plenty of v-turns will return next week (and beyond) for sure.
This is truly a great post. Simple, yet straight to the point. Hey, Skyflo, notice how everyone is trying to "prove" they weren't burnt big time Friday?
Austin, thanks for posting here, good stuff. I am trading futures since 1998 but I think you have the right attitude, maybe better than mine. I actually went long 1-2 hours before the sudden upmove but I start to think that maybe this was only luck - who knows...just followed my intuition. Still holding that longs since my experience tells me such blasts have some legs.