2 replies to this topic

[denleo]

It was one impressive rally today. Good volume, excellent breadth... Now we have two open gaps above us and one below us. Expiration should provide support. I expect Sep S&P futures to move higher. First resistance 1535 - 1537. If this is taken out, there will be a good chance the spooz will close one of the gaps above us (essentially moving to test the highs). If they do that, the most important tell will be the A/D line. Breadth was so bad during the decline, that it will be almost impossible for the A/D line to move as much as S&P and other indexes. I have no positions right now. Just scalping back and forth. Today I had my head backwards and had a couple of bad scalps vs. only one good one. Watching the Bonds (which is the same thing as S&P right now). Longer-term indicators are not as positive, which means that surprizes will be to the downside. I want S&P to test higher levels for me to short. When I ask for higher prices, the market never disappoints. There is still risk of lower prices and the FED and the government know that, which means that all economic reports from now on will say one thing: "GOLDILOCKS". Just like today's bb report. As one trader put it: "Dick Chaney probably wrote this report". Good luck Denleo

[Tor]

It was one impressive rally today. Good volume, excellent breadth... Now we have two open gaps above us and one below us. Expiration should provide support. I expect Sep S&P futures to move higher. First resistance 1535 - 1537. If this is taken out, there will be a good chance the spooz will close one of the gaps above us (essentially moving to test the highs). If they do that, the most important tell will be the A/D line. Breadth was so bad during the decline, that it will be almost impossible for the A/D line to move as much as S&P and other indexes.

I have no positions right now. Just scalping back and forth. Today I had my head backwards and had a couple of bad scalps vs. only one good one. Watching the Bonds (which is the same thing as S&P right now).

Longer-term indicators are not as positive, which means that surprizes will be to the downside. I want S&P to test higher levels for me to short. When I ask for higher prices, the market never disappoints.

There is still risk of lower prices and the FED and the government know that, which means that all economic reports from now on will say one thing: "GOLDILOCKS". Just like today's bb report. As one trader put it: "Dick Chaney probably wrote this report".

Good luck


Denleo

Thanks and good luck in your trading.

Edited by Tor, 13 June 2007 - 06:01 PM.

[Rogerdodger]

"Dick Chaney probably wrote this report".

That's over the line.
And funny.

Shhh!