Well, I got a 106/101 vertical put spread, and it's at least half water underwater right now. I'm a fairly good swimmer, but treading water for this long is wearing me out.
If that's your idea of entertainment, I'm the Rodney Dangerfield of trading. We have a long way to go to get down to that 1000 level. I'm sitting on a 106/100/95 Feb put butterfly. I hope you're right! We're running out of time!
I sure hope so K… I'm really tired of all this BS! Some other have us going to 1092 and then back down. I don't know at this point. That Daily chart is looking more and more bullish as it starts to roll back up.
But, it could also turn back down just as quickly. The monthly and weekly are still point down, but that's not a whole lot of help on the short term.
We need another big default to be announced. How about California?
Yeah, I seen that the banks didn't rally on today's move. It was all retail traders going long over the Greece bailout news. The big boys are waiting in the shadows somewhere… ready to dump, but at what level is the question?
we currently have 2 consecutive gap downs on the SPY so a 3rd in a row tomorrow would be too much of a tell for the coming gap on tuesday because the SPY rarely ever gaps down 4 straight days
I hear ya'! I have found that you can't really trade on EW and it was a very expensive lesson. It was Elliot Wave my money goodbye. I think it does work on big picture time frames but you can't make money with it to trade. With that said I think we crap out before 1090 SPX and anything above that would surprise me and make me somewhat bullish. Good Luck!
I visited Serge's site and posted a comment. He remembered me, and said that I had been there before (although I forgot). Nice short video he did… I hope he's right about 102-103 next week.
Red, Nice charts and explanation. From a TA standpoint you have built a strong case. Thanks for your efforts and letting me jab at you on OBB.
Well, I got a 106/101 vertical put spread, and it's at least half water underwater right now. I'm a fairly good swimmer, but treading water for this long is wearing me out.
If that's your idea of entertainment, I'm the Rodney Dangerfield of trading. We have a long way to go to get down to that 1000 level. I'm sitting on a 106/100/95 Feb put butterfly. I hope you're right! We're running out of time!
I sure hope so K… I'm really tired of all this BS! Some other have us going to 1092 and then back down. I don't know at this point. That Daily chart is looking more and more bullish as it starts to roll back up.
But, it could also turn back down just as quickly. The monthly and weekly are still point down, but that's not a whole lot of help on the short term.
We need another big default to be announced. How about California?
Yeah, I seen that the banks didn't rally on today's move. It was all retail traders going long over the Greece bailout news. The big boys are waiting in the shadows somewhere… ready to dump, but at what level is the question?
Thanks Crowe… I try to entertain people by letting them know my trading account is now smaller then their's… LOL
a gap down will mean they'll close the SPY @ 107.15 for the week and a gap up means they'll close the SPY @ 109.68
all this dancing for the last 5 months is because of the crash gap created back on the first week of oct. 2008
http://www.flickr.com/photos/47091634@N04/43490…
we currently have 2 consecutive gap downs on the SPY so a 3rd in a row tomorrow would be too much of a tell for the coming gap on tuesday because the SPY rarely ever gaps down 4 straight days
I hear ya'!
I have found that you can't really trade on EW and it was a very expensive lesson. It was Elliot Wave my money goodbye. I think it does work on big picture time frames but you can't make money with it to trade.
With that said I think we crap out before 1090 SPX and anything above that would surprise me and make me somewhat bullish.
Good Luck!
Just another Bear frattin', if you know what I mean.
Thanks Monica…
I visited Serge's site and posted a comment. He remembered me, and said that I had been there before (although I forgot). Nice short video he did… I hope he's right about 102-103 next week.