The Euro bounced down off my unorthodox Fib 61, see charts on Hawaii Trading
My prediction of “Dine in Hell” from Wednesday night, came true. note the “Devil Pattern” which is essentially the same as Trader Steve pointed out twice, this same week.
ES appears to have mostly decoupled from the Euro, and the bond and US FX markets are just acting kind of weird. Flight to safety or flight to inflationary monetary practices?
When the old school practices of safe haven are tried, and a Gila Monster is lurking therein — perhaps then the real panic starts.
ES did a nice backtest on the 100% channel of the PRS 133. Unfortunately unless you were trading late Thursday, uh, I was doing drywall….ouch. But was 50% in on a short futures, so that was nice.
This is expiry, so Monday and Tuesday next week can definitely see some big moves. I will remain 50% short.
The futures aren't moving right now, so I don't know if we get 200 points down or not? Maybe? But first they will likely gap up to squeeze out more bears and hit the FP of 110.67 spy.
After that, they should sell off the rest of the day. While I said earlier this week that I expected Friday to have the spy pinned at 108-109, that is still possible.
I just think it will be closer to 109, then 108… but again, I don't see it below 107 or 110, as I stated previously. Of course next week is another story, but tomorrow is opx… and we rarely move a lot on the last day options expire.
Yes, bears get screwed a lot my friend. I think many will go short over the weekend, only to see the usual Bullish Monday to squeeze them out again… and then a sell off can happen. LOL
Yeah, I think they will gap up on the report and then sell off the rest of the day. Next week is unknown right now, but I think it will be a DOWN week as a whole.
It really seemed like the goal was to get everyone out of their short positions.
Still though, look at what happened to JPM after it reported earnings this morning. We have BAC and C reporting tomorrow, and I expect similar sell offs in financials (except GS, which manipulated their stock to perfection today).
The Euro bounced down off my unorthodox Fib 61, see charts on Hawaii Trading
My prediction of “Dine in Hell” from Wednesday night, came true. note the “Devil Pattern” which is essentially the same as Trader Steve pointed out twice, this same week.
http://oahutrading.blogspot.com/2010/07/dine-in-hell-or-get-pounded-by.html
ES appears to have mostly decoupled from the Euro, and the bond and US FX markets are just acting kind of weird. Flight to safety or flight to inflationary monetary practices?
When the old school practices of safe haven are tried, and a Gila Monster is lurking therein — perhaps then the real panic starts.
ES did a nice backtest on the 100% channel of the PRS 133. Unfortunately unless you were trading late Thursday, uh, I was doing drywall….ouch. But was 50% in on a short futures, so that was nice.
This is expiry, so Monday and Tuesday next week can definitely see some big moves. I will remain 50% short.
The futures aren't moving right now, so I don't know if we get 200 points down or not? Maybe? But first they will likely gap up to squeeze out more bears and hit the FP of 110.67 spy.
After that, they should sell off the rest of the day. While I said earlier this week that I expected Friday to have the spy pinned at 108-109, that is still possible.
I just think it will be closer to 109, then 108… but again, I don't see it below 107 or 110, as I stated previously. Of course next week is another story, but tomorrow is opx… and we rarely move a lot on the last day options expire.
Hi Red, with goog being in deep red n nasty earnings, i can definitely see a 200 point drop tomorrow
Yes, bears get screwed a lot my friend. I think many will go short over the weekend, only to see the usual Bullish Monday to squeeze them out again… and then a sell off can happen. LOL
Anything to screw the bears basically.
Yeah, I think they will gap up on the report and then sell off the rest of the day. Next week is unknown right now, but I think it will be a DOWN week as a whole.
It really seemed like the goal was to get everyone out of their short positions.
Still though, look at what happened to JPM after it reported earnings this morning. We have BAC and C reporting tomorrow, and I expect similar sell offs in financials (except GS, which manipulated their stock to perfection today).
It always staged and planned… you should know that by now.
GS settles, the well is capped; and the bulls charge ahead as if it's xmas. Not much of a charge, and the news could not of been timed better.
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Thanks,
Red