Sounds promising, are you still in the short trade?

I dug deep and went further long in an S&P fund in my 401k yesterday. I just kept telling myself that I would buy at each major fib level down to test Feb 09' lows. (and this seemed to be the 38.2% fib). I also kept telling myself if wrong, I've got 15 years to retirement!

It would have been okay to catch the falling knife in March of 09' though...right?

I'm going to do the same with a little bit although it doesn't feel good!

My sentiments too!

Michael, to see you get emotional is a little scary!

This feels like we have some program trading going on with all the stops being hit at once in the market. Is the world going to be here tomorrow? If so, I guess I'll follow the last and final buy on the system at the close.

Tom, As the close approaches, are there any changes to the level based on the lower prices?

Thank

Thanks, yes, thats exactly what I'm referring to.

From a recent post of yours:

In the near future I may play the systemwith an automated ES version that I am developing, which scal esout and into trad es, but more work needs to be done with it.

If I recall you are referring to a version of ES trading (a system) that you would use to trade the swings that occur while in a SPY system trade.

Maybe I misunderstood your purpose.

Mines posting 128.79, miss by .04?

That's true I imagine you would have to be pretty quick to react!

It's days like today that make me realize how much money is to be made trading within the system. Matt, whenever you feel comfortable with your ES system and if you ever decide to share it, I'm all ears.

Thanks for your great charts and the fib targets, much appreciated!

Thanks Steve, that makes sense!

Thanks for your thoughts Steve. I had placed a stop at about 5.7 to give it a good amount of room but now just wondered if it would be appropriate to move that stop up or would the volatility take it out? I have done some fundamental research on the stock and they aren't yet profitable but have a lot of potential. I like it for a swing trade but just want to have some type of stop in mind and also wonder if it would be best to make it a mental stop so the volatility doesn't take it out.

MSFT seems to have a nice 5 wave pattern up and seems to be still contained in a larger triangle. I sold Aug 27 calls on mine yesterday thinking it would need to consolidate a bit here.

Steve, how would you approach AVL? I already own it but don't know if stops are appropriate with it's thin trading. I like the action today and wondered if you were approaching this as a longer term trade or have a target in mind.

Sold August 27 calls earlier in the day on MSFT. I'm still profitable if it pops on earnings. Also, the daily rsi has topped out but may have more room on the weekly rsi.

For those who did buy GS, is there guidance on the upside. They are at the top of the daily channel now.