Guys this makes a lot of sense to me. I like symmetry in
the market and this would work out very good. the symmetry is the
100 points between the middle to the low or two the high. It
also corresponds with the middle point being the top of wave 4, AND
we have big pos divergences in the charts. I am going in as a
big buyer of sp futures around 681 if it functions as
support. I will be watching very closely and will stop out if
we go much below sp 679 on the index. I will be risking
3-4 points on the spx futures for a possible 100. Maybe I am
just being stubborn here, but it really feels like the market is
making a fifth wave low for the 3 not the 5. a four up would
go great to 780 and then the hammer fifth wave to 640-660 sure fits
perfectly into my mind.
sweating it, stops in place risking 3 points. I have some
really big positions so I think I am going to walk away for a few
minutes... aapl double bottom poss, bkx needs to start
moving. gulp...come on financials...
well that was good for 8 points, but I wanted 75 out of
it... crap...its really hard to pick bottoms against the
trend. Its a lot easier to pick the tops like
yesterday.. support may or may not be support, but resistance
is usually always resistance in a bear. well wasted three
points but it was still a great day. would have been better
had I stuck to my plan of shorting yesterday and putting my stops
at entry and not playing with anything. I still stubbornly
think we still get a bounce from here soon...good luck all.
Posted by junkmaylbox on 5th of Mar 2009 at 04:31 pm
We touched dodger's target of 681 for the drop near the close. I
too feel we would snap back a little rally from here. How lowly
could XLF go? UYM is not making any lows here. Good luck to you
all!
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Posted by cwa82675 on 5th of Mar 2009 at 02:54 pm
Guys this makes a lot of sense to me. I like symmetry in the market and this would work out very good. the symmetry is the 100 points between the middle to the low or two the high. It also corresponds with the middle point being the top of wave 4, AND we have big pos divergences in the charts. I am going in as a big buyer of sp futures around 681 if it functions as support. I will be watching very closely and will stop out if we go much below sp 679 on the index. I will be risking 3-4 points on the spx futures for a possible 100. Maybe I am just being stubborn here, but it really feels like the market is making a fifth wave low for the 3 not the 5. a four up would go great to 780 and then the hammer fifth wave to 640-660 sure fits perfectly into my mind.
spx10m.png I'm watching for a tag
Posted by homer on 5th of Mar 2009 at 03:00 pm
I'm watching for a tag of the lower support line, could happen soon.
ok in at 681. stop
Posted by cwa82675 on 5th of Mar 2009 at 02:57 pm
ok in at 681. stop at 678 right now.
sweating it, stops in place
Posted by cwa82675 on 5th of Mar 2009 at 03:04 pm
sweating it, stops in place risking 3 points. I have some really big positions so I think I am going to walk away for a few minutes... aapl double bottom poss, bkx needs to start moving. gulp...come on financials...
well that was good for
Posted by cwa82675 on 5th of Mar 2009 at 03:43 pm
well that was good for 8 points, but I wanted 75 out of it... crap...its really hard to pick bottoms against the trend. Its a lot easier to pick the tops like yesterday.. support may or may not be support, but resistance is usually always resistance in a bear. well wasted three points but it was still a great day. would have been better had I stuck to my plan of shorting yesterday and putting my stops at entry and not playing with anything. I still stubbornly think we still get a bounce from here soon...good luck all.
We touched dodger's target of
Posted by junkmaylbox on 5th of Mar 2009 at 04:31 pm
We touched dodger's target of 681 for the drop near the close. I too feel we would snap back a little rally from here. How lowly could XLF go? UYM is not making any lows here. Good luck to you all!