Warning: Fri&tuesday=big Big Move!!!

Discussion in 'Trading' started by Port1385, May 22, 2008.

  1. Im looking at the charts and all I can think of is that Friday will be a big move. If not Friday, then Tuesday.

    I remember that last 3 day weekend (Martin Luther King Day) and it was just like this. Thursday was very quiet and then wham. I remember that video of the ES trader blowing up. It was a carnival with volatility soaring to new highs.

    I called upon my research department, Jim Cramer's Mad Money. Decidedly, he chickened out and decided to place up an old episode from 2006 as he was afraid to make a market call.

    I tuned to my other research department and Adami picked American Airlines, Macke picked USO. Clowns!!!

    Then I turned to several notable blogs where there seemed so much indecision.

    Well, futures slightly green. Calendar tommorrow is for some housing numbers to be announced at 10. Tuesday consumer confidence and more housing numbers.

    Nothing on the earnings front except for ZUMZ that could possibly influence the market.

    I dunno guys. Tommorrow will be pivotal and that will tell us to get either real short for the next 3-6 weeks or go long. I do know that price has fallen out of that rising SPY wedge. The market will have to close over 1420 tommorrow for it to be a truely bullish sign otherwise we might really go down.

    I dunno, but I am waiting here just like pumpndumper and byhiselllo looking for a sign. Lets hope ZUMZ does well so the market can finally rally. Weird sign that some little kid almost ran me over with those things on today.
  2. the ES support line is somehow penetrated. Like you said if the next couple of days they hold it above 1400, it might survive, otherwise, 1320- 1350 is very reachable
  3. I hope so, got bored today and decided to go and do something else for the rest of the day.
  4. Mvic


    That was the infamous SG rouge trader weekend but I agree we should see fireworks soon, and my thinking is that they will be to the downside though there may be a retest of 1420 and failure and then back down below 1390.
  5. It is trying to get back in the BULL channel today. Like I said we need to stay over 1390 -1400 for the uptrend to continue, other wise 1350 or even a 1300.
  6. Many years ago the Hirsch's (father and son) came up with the "Down Friday - Down Monday" indicator, a pure price mechanics construct. Basically if such a thing occurs, there is frequently (not always) a dump a few days later. So let's see what price the boyz shut it down at today.