everywhere I go i see people shopping...then I get jealous and
think I should have a big store bag on my arm, so I buy something
too. Its an American Disease.
well anything can happen and remember we are at the bottom of a
channel which is support and 5 minor waves can be counted, so not
out of the question for a bounce here, or we just capitulate and
crash down ..... the pont is, just be prepared for either scenario,
but not married to one where you lose objectivity
I think Geithner is speaking today, that may be the an important
thing to watch to see how the market reacts. Last time he
took the market down 400 as ya know.
Geithner and Bernanke are on today;
Bernanke is due to testify at 10 a.m. while Geithner's
testimony on U.S. President
Barack
Obama's budget will start at 12.30 p.m.
IMHO...that would be the worst thing for longs...ask Art
Cashen....need capitulation...all the "old heads" on Wall St think
the same way...so don't fight it.....short a gap up if it doesn't
involve MTM accounting
/ES follows the Asian markets overnight then tends to track the
Dax/FTSE in the early morning. Those markets are unlikely to rally
hard following a day like today. They are much more likely to
continue falling. /ES then becomes the guide price for the SP500
open. What happens after that is another matter, but a gap up at
this point would have to be news driven.
Gap Down
Posted by dylan398 on 2nd of Mar 2009 at 03:54 pm
we can only hope for a huge gap down tomorrow......would be a nice short term cover signal
what if we have a gap
Posted by yawang36 on 2nd of Mar 2009 at 04:49 pm
what if we have a gap up open? all ES needs is 712 to trigger short covering
short covering on ES
Posted by lpant on 2nd of Mar 2009 at 08:18 pm
why do you say that? Are there a lot of sell orders at those levels? thx
I am expecting a gap
Posted by yawang36 on 2nd of Mar 2009 at 08:32 pm
I am expecting a gap up open instead of gap down open.
I see only 2 possibilities here, both point to high close tomorrow. SPX either gap up open, or open between 690-700, and close higher near 720.
why are you expecting a
Posted by unsane on 2nd of Mar 2009 at 08:41 pm
why are you expecting a gap up?
Nikkei just hit lowest low since 1983. Their version of PPT intervened.
Retail numbers are out at 8am. They are going to be catastrophic IMO.
Bernanke testifies at 10am. Lots of uncertainty there.
Housing numbers are out at 10am, and they could be better than expected and provide the rally you're looking for.
New car sales are out at 4pm and they are going to be near zero.
Tomorrow could well end up green but a gap up is not something I'm expecting.
unsane...
Posted by delane on 2nd of Mar 2009 at 10:57 pm
everywhere I go i see people shopping...then I get jealous and think I should have a big store bag on my arm, so I buy something too. Its an American Disease.
well anything can happen and
Posted by matt on 2nd of Mar 2009 at 10:46 pm
well anything can happen and remember we are at the bottom of a channel which is support and 5 minor waves can be counted, so not out of the question for a bounce here, or we just capitulate and crash down ..... the pont is, just be prepared for either scenario, but not married to one where you lose objectivity
I think Geithner is speaking
Posted by homer on 3rd of Mar 2009 at 09:38 am
I think Geithner is speaking today, that may be the an important thing to watch to see how the market reacts. Last time he took the market down 400 as ya know.
Bernanke, not Geithner, at 10am,
Posted by unsane on 3rd of Mar 2009 at 09:45 am
Bernanke, not Geithner, at 10am, on the economic environment.
Geithner and Bernanke are on
Posted by homer on 3rd of Mar 2009 at 09:58 am
Geithner and Bernanke are on today;
Bernanke is due to testify at 10 a.m. while Geithner's testimony on U.S. President Barack Obama's budget will start at 12.30 p.m.
Geithner- yep we'll see how
Posted by matt on 3rd of Mar 2009 at 10:17 am
Geithner- yep we'll see how the market reacts to that.
The last attempt at a
Posted by unsane on 2nd of Mar 2009 at 08:20 pm
The last attempt at a rally of the day ended just short of 712, so if you went short before the close, that would be the obvious place to put a stop.
I know I did!
IMHO...that would be the worst
Posted by dylan398 on 2nd of Mar 2009 at 06:17 pm
IMHO...that would be the worst thing for longs...ask Art Cashen....need capitulation...all the "old heads" on Wall St think the same way...so don't fight it.....short a gap up if it doesn't involve MTM accounting
Even MTM won't help much
Posted by yawang36 on 3rd of Mar 2009 at 03:16 am
Even MTM won't help much down the road, I am basically a big bear, but this is the bounce I'd like to play as well.
ES pivots for tomorrow 3/3, now it is trading between H3 and Pivot
R2: 740.6
R1: 722.9
H3: 713.4
Pivot: 710.8
L3: 697.0
S1: 693.2
L4: 688.9
S2: 681.1
Thanks for posting those. If
Posted by junkmaylbox on 3rd of Mar 2009 at 05:37 am
Thanks for posting those. If you would, please keep posting them: I find them useful. Matt used to post them, yet he does not do it any more.
What would cause a gap
Posted by unsane on 2nd of Mar 2009 at 04:58 pm
What would cause a gap up?
/ES follows the Asian markets overnight then tends to track the Dax/FTSE in the early morning. Those markets are unlikely to rally hard following a day like today. They are much more likely to continue falling. /ES then becomes the guide price for the SP500 open. What happens after that is another matter, but a gap up at this point would have to be news driven.
dylan398 - yes if the market
Posted by matt on 2nd of Mar 2009 at 04:01 pm
dylan398 - yes if the market gapped down tomorrow, that would be an objective place to cover.
Or we might just gap up to not let you out for a good price