Closing my short position from Fri close

I think 20 points is pretty much the day's range, it will probably go a little lower, unless a lot lower! I will look to sell short a bounce or buy a divergent low, I will be watching for now... Good luck.

Nice trade !!

Thanks! Any sustained momentum like this below 1265 will be extremely fubar...

Next stop 1247.

Edited by beta, 25 August 2008 - 11:22 AM.

Next stop 1247.

I have something close - 1252.

meanwhile, $SPX right at the bottom of the 15-min TL. Bears have to bust thru 1265.

meanwhile, $SPX right at the bottom of the 15-min TL. Bears have to bust thru 1265.

I think it deserve a bounce for 10 points toward 1276 or so first. If it goes straight through 1265 from here, it will go probably lower than 1247 dashing any bullish hopes for Sep...

meanwhile, $SPX right at the bottom of the 15-min TL. Bears have to bust thru 1265.

I think it deserve a bounce for 10 points toward 1276 or so first. If it goes straight through 1265 from here, it will go probably lower than 1247 dashing any bullish hopes for Sep...

also watching for that bounce to 1275, but here's another possible scenario: straight down to 1247, THEN bounce to 1270's, then another leg down to 1220's.

should resolve within the next 15-30 min ...

Edited by beta, 25 August 2008 - 11:55 AM.

The leadership on this rally was Ms Russell; she trades below here 200 dma now.

meanwhile, $SPX right at the bottom of the 15-min TL. Bears have to bust thru 1265.

I think it deserve a bounce for 10 points toward 1276 or so first. If it goes straight through 1265 from here, it will go probably lower than 1247 dashing any bullish hopes for Sep...

also watching for that bounce to 1275, but here's another possible scenario: straight down to 1247, THEN bounce to 1270's, then another leg down to 1220's.

should resolve within the next 15-30 min ...

Cyclically, this has the low odds, in other words, a decline (range expansion) to start right away has the low odds. If it bounces and not quite makes through the resistance, then it is different. The hourly channel does suggest a visit to 1250 area, so your 1247 might play out momentarily maybe tomorrow. But this decline has now somewhat the lower odds for a significant range expansion, so a stronger close at the end of the month or the upside bias toward the end of this week has the higher odds for now...

I think this vicious decline was mostly to scare the bullish folks for now...