5 waves down appear complete.....stop 34.50.
GS.
Long SSO 34.90, bounce imminent
Started by
goldswinger
, Jul 16 2010 10:55 AM
16 replies to this topic
#2
arbman
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Posted 16 July 2010 - 11:12 AM
I agree, obscene put buying, intraday technicals are o/s...
Although if we are both seeing it coming, probably it will go up less than we think... 
Edited by arbman, 16 July 2010 - 11:13 AM.
#3
selecto
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Posted 16 July 2010 - 11:25 AM
I see that trade. Wickedly counter-trend. Might ought to wait until you at least loose the upper flare away on the 60 minute BB expansion.
Edited by selecto, 16 July 2010 - 11:28 AM.
#4
arbman
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Posted 16 July 2010 - 11:31 AM
I think Fed will intervene to at least recover over 1075 before the close, or at the close. This market is now teetering on the edge of an horrendous decline over the next week.
#5
gorydog
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Posted 16 July 2010 - 11:33 AM
I see that trade. Wickedly counter-trend. Might ought to wait until you at least loose the upper flare away on the 60 minute BB expansion.
Once we tap SPX 1071 I will take a small long looking for 1080 test
GD
#6
arbman
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Posted 16 July 2010 - 11:36 AM
A lot of bottom picking, there is a lot of resistance building at 1072 (es 1068). 1076-1078 will be max it will go imho (es 1073-1075)...
Edited by arbman, 16 July 2010 - 11:38 AM.
#7
gorydog
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Posted 16 July 2010 - 11:44 AM
A lot of bottom picking, there is a lot of resistance building at 1072 (es 1068). 1076-1078 will be max it will go imho (es 1073-1075)...
We will see, trade is on, but I am worried we are starting a W3 down on a larger scale. Still I think there is enough optimism that the idea of an ABC of the early july run will have traction for a few days
GD
#8
arbman
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Posted 16 July 2010 - 11:58 AM
I think the bounce will come after breaking 1070... Too much downside momentum.
Everybody is bottom picking now...
Edited by arbman, 16 July 2010 - 12:04 PM.
#9
goldswinger
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Posted 16 July 2010 - 12:19 PM
I think the bounce will come after breaking 1070... Too much downside momentum.
Everybody is bottom picking now...
I was wickedly early to borrow a phrase from this thread , it is a counter trend bounce that I am trading, I expect a quick 2 to 3% and I'm out......
Just took a long position on the gold sector as well , countertrend as well , looking for a quick 3%....
GS.
#10
KCScott
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Posted 16 July 2010 - 12:50 PM
Looking at this on the 60 Minute screen - $33.61 would make sense as the buy / pivot point here.
KC Scott Blogs at IBC: http://ibankcoin.com/kcscott/
