1142 was not a Pivot. It is a key support level on the SPX on a closing basis for me. 1420 on the NDX as well, all of which was posted earlier by me. Today's S1 is 1138.20 Read further: http://www.elitetrader.com/vb/showthread.php?s=&threadid=29423&perpage=6&pagenumber=7
If I recall correctly, he mentioned a "close" below that point, then he would change his bias. Opps, I was late.
Today was very interesting. The SMH and NDX was under heavy pressure, but the NDX finished well up off the 1420 level that I spoke of earlier, and the SMH actually went positive. Meanwhile, the SPX did in fact close under 1142.00, while the SPH4 had an initial bounce up off the 50 day at 1136.00 The last two days have smelled like an asset-allocator has been in the market . . . the key question is whether or not he is done with his repositioning.
Thanks for reporting the news as usual. Is there any value in your posts? You do a great job with your little market summaries. You should get a job with CNBC. --MIKE
Very nice of you to say hello finally today! For a moment there, I thought that we were going to miss another one of your incredibly valuable posts, but I guess you were far too busy posting under all of your "other" aliases. I was on record last week, as well as yesterday that the SPX needed to hold 1142 on a closing basis in order for me to continue with my bullish "bias". I also indicated earlier today that the NDX broke it's 89-day MA for the first time in a year, and that 1420 needed to hold in order for me to remain bullish. But I guess you already knew that since you obviously use those "cute little charts" in your trading methodology, right? I was simply responding to Mav, who has been following my posts. I guess you have a problem with that, eh buddy? Please let us know when you are short the IWM again at the top tick, after the fact . . . Those are always very valuable posts!
"I shorted some more IWM at 120 and knew I was on the right side when the ES broke out from its narrow intraday compression." "Locked in some profits along the way down... Nasdaq looks like real shit." --MIKE Wow! Another highly valuable after-the-fact post by Trend Fader! Dude, you are just too good for the rest of us. Who's better than you buddy?