If you want to learn about Rituals, you can dig back through my old posts
There are no coincidences This was posted on Wednesday Night
Now this close on the SPY today is rather scary if you're long The operators did this same Ritual during the Oct. 08' fall harvest of Spec. Capital. The Wednesday of that Week here was the SPY Ritual 10.8.2008 Open: 97.52 10.8.2008 Close: 97.51 5.19.2010Today Open: 111.77 5.19.2010 Close: 111.76
I don't know if today will be the capitulation day or not, as the futures aren't really down that much. But I do think it will look similar to February 5th, where we sold off early and then rallied into the afternoon.
The day ended closing up slightly and sparked a huge rally from it. Time is critical here, as I believe the selling will end within the first few hours. I will close my shorts during the morning session, regardless of how far down the market goes, or does go.
There is no way to know if we go all the way down to just below 1000, or just retest the 1050 area. We are overdue for a bounce, so if you are playing short term positions like me, you might want to close them today, and reload next week.
I checked to see if I used the term 'crash' this morning and, oops, I did. You are right, of course. I love 'ritual dance of the harvest of speculative capital' but it lacks brevity.
The ritual is much like stampeding the sheep to the shearing pen, so the 19th century 'panic' works pretty well, too. 🙂
June S&P E-mini Futures: Yesterday's range, entirely below the 1100 level, makes me think that the market will drop into the 1030-40 range before turning upward. My range estimate for today is 1035-1075. Once the low has been established I think the ES will begin a rally that will take it to 1300 and higher.
1057.50 – 1180.50 range last night (23 points) 1035-1075 estimate for today (40 points) average actual range last 9 days has been 24.5 points
1062 currently, so estimate is -27 to +13 from here (very bearish)
I wish people would stop using the term “crash”, capital markets exist for one reason & that is to harvest speculative capital.
This was posted last friday: I don't make decisions based on oscillators, I follow Rituals. There is a weekly setup that has been providing downward pressure on the market & IMO will continue to until it is completed.
Nothing has changed, except more bottom pickers.
I don't know what the operators have planned after they run the stops from 5.6.2010. Sometime today, SPY will probably dance with 108 area on the upside.
One thing traders should ALWAYS be long on is Patience.
Rick Ackerman can be amazinginly accurate. His free blog says “The blue chip average fell 376 points yesterday, and we’re predicting it will fall a further 470 points, to exactly 9592, before buyers get decent traction.” Just two days ago he touted 1098.75 as the emini low. AND it his 1098.75 as the low (intraday) and bounced almost 20 pts. Right to the tick!
His paid subscription (me) reads that the E mini equivelent of this dow reading is 1022.75
My gut tells me we rally and I'm going to take jawizz advice that the bottom may be around 11am (or was it 11:30)
I think we may have an intraday rally from 1017 and hit 980 towards the close for a solid red candle, and then a solid white candle on Monday, perhaps with the lows in the morning. Remember that the big boys like to trade in the afternoon.
In any case, I have my triggers set at 1020 for May puts and 980 for everything else, will check out buys on the fly. Probably just some June calls.
If you want to learn about Rituals, you can dig back through my old posts
There are no coincidences
This was posted on Wednesday Night
Now this close on the SPY today is rather scary if you're long
The operators did this same Ritual during the Oct. 08' fall harvest of Spec. Capital.
The Wednesday of that Week here was the SPY Ritual
10.8.2008 Open: 97.52
10.8.2008 Close: 97.51
5.19.2010Today Open: 111.77
5.19.2010 Close: 111.76
This numbers game really is simple!!!!!
I don't know if today will be the capitulation day or not, as the futures aren't really down that much. But I do think it will look similar to February 5th, where we sold off early and then rallied into the afternoon.
The day ended closing up slightly and sparked a huge rally from it. Time is critical here, as I believe the selling will end within the first few hours. I will close my shorts during the morning session, regardless of how far down the market goes, or does go.
There is no way to know if we go all the way down to just below 1000, or just retest the 1050 area. We are overdue for a bounce, so if you are playing short term positions like me, you might want to close them today, and reload next week.
Man… that poor cat must be hating life, with hair like that. LOL
The thought police are alive and well 🙂
Good morning all some of my thoughts on today and a great picture!
http://hotoptionbabe.com/2010/05/21/another-cra…
I checked to see if I used the term 'crash' this morning and, oops, I did. You are right, of course. I love 'ritual dance of the harvest of speculative capital' but it lacks brevity.
The ritual is much like stampeding the sheep to the shearing pen, so the 19th century 'panic' works pretty well, too. 🙂
Carl’s morning call:
June S&P E-mini Futures: Yesterday's range, entirely below the 1100 level, makes me think that the market will drop into the 1030-40 range before turning upward. My range estimate for today is 1035-1075. Once the low has been established I think the ES will begin a rally that will take it to 1300 and higher.
1057.50 – 1180.50 range last night (23 points)
1035-1075 estimate for today (40 points)
average actual range last 9 days has been 24.5 points
1062 currently, so estimate is -27 to +13 from here (very bearish)
I wish people would stop using the term “crash”, capital markets exist for one reason & that is to harvest speculative capital.
This was posted last friday:
I don't make decisions based on oscillators, I follow Rituals. There is a weekly setup that has been providing downward pressure on the market & IMO will continue to until it is completed.
Nothing has changed, except more bottom pickers.
I don't know what the operators have planned after they run the stops from 5.6.2010.
Sometime today, SPY will probably dance with 108 area on the upside.
One thing traders should ALWAYS be long on is Patience.
http://www.rickackerman.com/
Rick Ackerman can be amazinginly accurate. His free blog says “The blue chip average fell 376 points yesterday, and we’re predicting it will fall a further 470 points, to exactly 9592, before buyers get decent traction.” Just two days ago he touted 1098.75 as the emini low. AND it his 1098.75 as the low (intraday) and bounced almost 20 pts. Right to the tick!
His paid subscription (me) reads that the E mini equivelent of this dow reading is 1022.75
My gut tells me we rally and I'm going to take jawizz advice that the bottom may be around 11am (or was it 11:30)
I think we may have an intraday rally from 1017 and hit 980 towards the close for a solid red candle, and then a solid white candle on Monday, perhaps with the lows in the morning. Remember that the big boys like to trade in the afternoon.
In any case, I have my triggers set at 1020 for May puts and 980 for everything else, will check out buys on the fly. Probably just some June calls.
Happy trading today!