The problem with BAC is not that they aren't profitable. It's that they are insolvent.

All the banks are making money just fine.

It's the balance sheet that's the problem, not the profit and loss.

HSBC suspended in HK, HK down. Now watch Europe. 

Got FAZ?

Nikkei off 2.5%, Aussie mkts off 3% already.

Two big items of news were (a) the EU telling Eastern Europe to go stuff itself and (b) HSBC announcing a hugely dilutive rights issue. I think it is mostly (a). The Euro fell off a cliff and took ES with it.

ES opened for trading at 6pm, currently dithering around 729/730. Could be anywhere by morning though.

if there's no law requiring it, why would they put you in jail?

thanks, SKF 60m swing made about 5% and positioned well for Monday

other systems

SKF 15m 6% swing -- about 8%, even though one trade was a bust. Positioned short for Monday. I didn't trade this but I think CanadianGuy did.

FAS/FAZ 15m 9% swing -- about 15% on a FAZ trade and positioned long FAZ for Monday

ES 10m swing (uses same algo as the 60m SKF system) went short last thing yesterday and made about 17 ES points (equivalent of 11% or so with the leverage) and now positioned short ES for Monday. However it has to make up for three previous whipsaw trades (which I didn't take but still).

None of my other daytrade systems fired except SRS, but that chart is screwed up in Ninja so I didn't trade it.

You can search my posts for details of the swing systems, and also code for Ninjatrader which I posted. (IE please don't bug me by PM, it's all there if you use the search button).

A lot of pit traders were short from the open, which accounts for the spike on the penultimate candle as they finally covered near LOD. That's my guess. The rest is distribution, pure and simple (which was going on all day IMO).

pairs trade long one and short the other if you think that's how it plays

sorry yes typo, the 60m went long at 10.30

I've had too much coffee this morning

the chart tells the story!

correction -- I forgot we opened at 9.30 so in fact it went long SKF at 9.30 am.

the 6% swing system went short at the same moment, but they could both be right as they work on different time frames.

yeah you can see on the chart the system is still short from 179.26

your secret indicator is ALWAYS green

If 740 goes decisively I can't see how we don't visit 700.

I think Dow 7000 is probably going to be the next key level.

I don't think they will let 740 go without a fight. I'd be expecting the action of the day to center around it at one point or another.