14 replies to this topic

[Mr Dev]

Hey Mr Dev, I am expecting a pull back on S&P to close a gap down to 1461 on June S&P. It could be a choppy correction. If selling is strong, then maybe the market could be in bigger trouble (although right now I don't see that). Internals are pretty strong, so for now, I am not ready for betting on a bigger decline other than a pull back. What do you think?
Denleo

Glad to hear we are together on this,.. at least going in.

Ya I see it the same way also, but my internal charts were weakened and either a longer slower decline or a

sharp sell of could turn them down from their recent climb from the Feb sell off. But I'm not trying to think long term.

Seems if I try and just get the next days direction correct I often land big days or reversals either way.

I think you are right at this time.

[jjc]

Volume after the close on ES has been lighter than:
1) (on exp ave) The last 5 days at this time.
2) (on exp ave) The last 5 Tuesdays at this time.

So I don't think this means too much other than trapped positions at the close. What is important
to keep in mind here is we are below the point in price where most of the trades took place today,
but we are above the price prior to the market having access to the CPI information.

The currencies I believe are very important here.

[Mr Dev]

I agree after hours trading doesn't mean much. It hasn't for years.

[jjc]

I agree after hours trading doesn't mean much.

It hasn't for years.

At times it does mean something. Sunday nights action was pretty telling (heavy volume selling,I researched my mistake there.) ,, Feb selloff had a large overnight component also; Also often a strong trend day that starts with the DAX and/or FTSE spills into the ES and starts a trend a trend day in our markets.

Today's action was interesting, because you could see Europe liquidate there US assets with heavy volume
as the dollar fell. If there is fear out there that the dollar will fall futher and trap investors the selling will start in Europe.

[dasein]

Today's action was interesting, because you could see Europe liquidate there US assets with heavy volume
as the dollar fell. If there is fear out there that the dollar will fall futher and trap investors the selling will start in Europe.

thanks, good points.

klh