March S&P E-mini Futures: Today's day session range estimate is 1088-1102. I think the ES has decisively broken out above its recent 1058-1080 trading range. The market will reach 1200 over the next three months.
I fully expect it to hit 110.35 this morning, but after that I don't know? With current pain at 108 (as of last Friday), a small pullback to 108 by Friday could happen? But, as strong as the bulls are right now, they may trade sideways and close at 110?
If will reach 110.35 today and pullback to 110.09 for the close, what are you thoughts for the next 2 days. Close above 110.09, then pull back into Friday. Close below 110.09, then go sideways into Friday, with no pullback (less then a point)
just speculating but fed min come out at 2pm est. for the meeting of two weeks ago. Bernake spoke one week ago and the market tanked on his talk. He mentioned some details of exit stratedgy. If he said this 4 or 5 work days post fed meeting won't the minutes today echo the same? Will it have a bear effect. BTW the stock did tank of Bernake but recovered a lot in about a half hour.
I focus on TNA & TZA, and whatever is also out there is maybe important or significant but I just don't have the bandwidth to keep up with it and make sense of it.
I'll believe anyone who takes either position on whether Carl might possibly be right on all the issues he follows 🙂
…but, she really nailed today's high of the day. Current pain at 108 would add support to her projections.
A zig zag up to 113 seems crazy bullish to me right now, but it fits the requirements of a wave 2 retrace. If that plays out, I'll promise myself not to get short too early 🙂
9:15 est
SPY continues to dance with the crash gap @ 110.34
it looks as if its going to open above 110.09 so today's close and tomorrow's open will confirm where the direction will be for the rest of the week
Carl Futia just now:
March S&P E-mini Futures: Today's day session range estimate is 1088-1102. I think the ES has decisively broken out above its recent 1058-1080 trading range. The market will reach 1200 over the next three months.
Note: his range is -10 to +3.5 from right here.
Well, mine are Feb., so this trade really hurt the pocketbook… and pride.
I fully expect it to hit 110.35 this morning, but after that I don't know? With current pain at 108 (as of last Friday), a small pullback to 108 by Friday could happen? But, as strong as the bulls are right now, they may trade sideways and close at 110?
If will reach 110.35 today and pullback to 110.09 for the close, what are you thoughts for the next 2 days. Close above 110.09, then pull back into Friday. Close below 110.09, then go sideways into Friday, with no pullback (less then a point)
Red, Nice Post, I am feeling your pain in the shorts. Most of mine are March, so I still have some time.
just speculating but fed min come out at 2pm est. for the meeting of two weeks ago. Bernake spoke one week ago and the market tanked on his talk. He mentioned some details of exit stratedgy. If he said this 4 or 5 work days post fed meeting won't the minutes today echo the same? Will it have a bear effect. BTW the stock did tank of Bernake but recovered a lot in about a half hour.
update 7:56 est
SPY currently trading 110.35, the open will be very important as the max containment pt. on the daily is 110.09
As dreadwin noted the RUT has been leading this move, it broke through it's max contain pt. on the daily friday
http://www.flickr.com/photos/47091634@N04/43645…
dreadwin,
I focus on TNA & TZA, and whatever is also out there is maybe important or significant but I just don't have the bandwidth to keep up with it and make sense of it.
I'll believe anyone who takes either position on whether Carl might possibly be right on all the issues he follows 🙂
That would make the most sense to me as well. I'll have to check on what the current pain is, but it was 108 as of last Friday.
Don't know if you saw this post by Fujisan:
http://slopeofhope.com/2010/02/feb-option-expir…
…but, she really nailed today's high of the day. Current pain at 108 would add support to her projections.
A zig zag up to 113 seems crazy bullish to me right now, but it fits the requirements of a wave 2 retrace. If that plays out, I'll promise myself not to get short too early 🙂