Pit Bull says 20 handle rule in effect (and 50 handle could come into effect?). Tim calls 1104.90 ES, “if” the selling continues and 50 handles comes into play?
Huge volumes today too…
Otherwise, Tim’s looking for 1127.20 ES (to 1120.40) today. “If” it gets there, that’s a good spot to exit your shorts and take some profit.
Since the “rumor” about the massive selling isn’t until the close, it might be wise to save a few shorts… just incase it actually happens.
sweetie that’s my point don’t jump to conclusions! when you say crash allot of folks think down more than 10%!!~ even that is only a correction. i love you to pieces, but you have to be aware of folks that might take your crash as over 10% or more. Could it happen, maybe, but I doubt just end of quarter profit taking. just sayin
Well, I see a good move down tomorrow and possibly into Monday. Maybe not a crash, but a nice move down for people to profit from. Let’s see what tomorrow brings first, before we go jumping to conclusions.
I think tomorrow will be down nicely, and should it get very oversold, then everyone can exit their shorts and wait to see what next week brings. The makings are there for a large sell off tomorrow, but no one knows whether on not they will allow it too happen? Not me, not you… only Benny and the boys.
With that said IMHO, the “major” crash should be around election time (just guessing here of course, so let’s not take any positions until we get closer to that date).
There’s a rumor out that there is going be be some heavy selling at the close today. I don’t know if it’s true of course, but regardless… the charts tell me we are rolling over now and should continue selling off tomorrow too.
Here’s the quote from Mr. TopStep…
“A rumor floating around late yesterday was that there will be billions for sale on the 3:00 cash close. We don’t know that for sure so don’t go running off and sell the SPZ because of it. The trade we look at is what we call the “walk away trade” The way this works is going into 12:00 Ct you are supposed to starts selling the SPZs with the idea that the mutual funds have used up all their cash by 12:00 on the last day of the quarter leaving the S&P susceptible to a decline. It’s a trade that has worked for years and we have a feeling it may work again today. Use stop, live another day.”
Whether that happens or not, the charts tell me that we are going down for several days. How far is unknown? But the daily and weekly are now ready for a pullback. Once these short term charts get overbought again today, we should see another leg down. Possibly into the close, or all day tomorrow.
Mr. TopStep…
http://www.youtube.com/watch?v=IA8saAN6WIU&feature=player_embedded
Pit Bull says 20 handle rule in effect (and 50 handle could come into effect?). Tim calls 1104.90 ES, “if” the selling continues and 50 handles comes into play?
Huge volumes today too…
Otherwise, Tim’s looking for 1127.20 ES (to 1120.40) today. “If” it gets there, that’s a good spot to exit your shorts and take some profit.
Since the “rumor” about the massive selling isn’t until the close, it might be wise to save a few shorts… just incase it actually happens.
just like to watch out for folks 🙂 my nurturing ya know
Point noted dear… I’ll include exit info in my posts too!
😉
But if folks follow you that will hurt them!
I just like to keep things exciting… “Crash” is more exciting then “Correction”! 🙂
sweetie that’s my point don’t jump to conclusions! when you say crash allot of folks think down more than 10%!!~ even that is only a correction. i love you to pieces, but you have to be aware of folks that might take your crash as over 10% or more. Could it happen, maybe, but I doubt just end of quarter profit taking. just sayin
Well, I see a good move down tomorrow and possibly into Monday. Maybe not a crash, but a nice move down for people to profit from. Let’s see what tomorrow brings first, before we go jumping to conclusions.
I think tomorrow will be down nicely, and should it get very oversold, then everyone can exit their shorts and wait to see what next week brings. The makings are there for a large sell off tomorrow, but no one knows whether on not they will allow it too happen? Not me, not you… only Benny and the boys.
With that said IMHO, the “major” crash should be around election time (just guessing here of course, so let’s not take any positions until we get closer to that date).
Red I hate to say this but there is not crash here! only some profit
taking, not good to lead folks to far out there or they will get killed.
There’s a rumor out that there is going be be some heavy selling at the close today. I don’t know if it’s true of course, but regardless… the charts tell me we are rolling over now and should continue selling off tomorrow too.
Here’s the quote from Mr. TopStep…
“A rumor floating around late yesterday was that there will be billions for sale on the 3:00 cash close. We don’t know that for sure so don’t go running off and sell the SPZ because of it. The trade we look at is what we call the “walk away trade” The way this works is going into 12:00 Ct you are supposed to starts selling the SPZs with the idea that the mutual funds have used up all their cash by 12:00 on the last day of the quarter leaving the S&P susceptible to a decline. It’s a trade that has worked for years and we have a feeling it may work again today. Use stop, live another day.”
Here’s the link to the full story…
http://mrtopstep.com/2010/09/30/equities-report-930/
Whether that happens or not, the charts tell me that we are going down for several days. How far is unknown? But the daily and weekly are now ready for a pullback. Once these short term charts get overbought again today, we should see another leg down. Possibly into the close, or all day tomorrow.
Now full position on the short side,let’s watch the show