Still Holding ES Short
Posted 16 January 2007 - 02:02 PM
Posted 16 January 2007 - 02:19 PM
Still holding ES short from last week at 1435.00. Wide stop currently of about 20 points. The trade started well, but since has rallied to give me a small loss right now.
Today SPX punched through to new intraday highs, unconfirmed by the March ES futures. Maybe that happens later, but for now that's a poor sign.
Plenty of divergence up here also, so let's see what develops.
You should be ok (with the wide stop that you have) Just have to have the patience to wait it out... I think one more push up and... then decline. I may go for a quick LONG here ( 2 to 4 points I would be happy)... shall see!!!! - WC
Posted 16 January 2007 - 02:30 PM
Posted 16 January 2007 - 03:01 PM
I think it is a pretty good position. I just shorted them at 1438. I thought Spooz would try 1445 first (maybe later), then a little correction.
Nice to see you posting again Denleo....I still remember all those long calls you correctly made as we marched up this Fall...
Posted 16 January 2007 - 03:58 PM
Posted 16 January 2007 - 04:54 PM
I think you're betting on the wrong horse. RUT is outperforming on the downside, as is MID -- and both are likely to continue to do so.
I generally trade the ES futures. The liquidity is unmatched....which I prefer. I use the other indices as indicators if you will.
That said, I think the Russell 2000 outperformed somewhat on the way up...the MID underperformed a little.
You may well be right, but again, I always prefer liquidity, and so that represents the way I choose.