14 replies to this topic

[NAV]

Yes, it was the infamous 8 hours of bearishness. 8 hourly bars on the ES 24 hour chart, which has marked the low so far. So far what we have done is the retest of the breakout area around ES 1546. Since the cash market hasn't got a chance to test it yet, chances are very high that we may retest that low on ES in the regular session. The chances of not testing it is low, but nevertheles a possibility that should be on the back of every bears mind. You never know, a huge gap-up can change everything - sentiment, momo, trend....... Let's see what the CPI brings here. Until we have a daily close below the breakout area, odd favour a resolution to the upside. Sentiment is absolutely amazing. We had a breakout just 2 days back, which caused a lot of pain for the bears, who got caught in that squeeze. Two days later and after a mere 15 point drop, they are already getting ready to play another top. Is anyone looking for a bottom ? Like da_cheif says, fear of heights is rampant. Too few seem to be comfortable playing in this high mountain thin air. I love this game....

Edited by NAV, 18 July 2007 - 07:12 AM.

[redfoliage2]

Yes, it was the infamous 8 hours of bearishness. 8 hourly bars on the ES 24 hour chart, which has marked the low so far. So far what we have done is the retest of the breakout area around ES 1546. Since the cash market hasn't got a chance to test it yet, chances are very high that we may retest that low on ES in the regular session. The chances of not testing it is low, but nevertheles a possibility that should be on the back of every bears mind. You never know, a huge gap-up can change everything - sentiment, momo, trend....... Let's see what the CPI brings here.

Until we have a daily close below the breakout area, odd favour a resolution to the upside. Sentiment is absolutely amazing. We had a breakout just 2 days back, which caused a lot of pain for the bears, who got caught in that squeeze. Two days later and after a mere 15 point drop, they are already getting ready to play another top. Is anyone looking for a bottom ? Like da_cheif says, fear of heights is rampant. Too few seem to be comfortable playing in this high mountain thin air. I love this game....

That "breakout" could turn into just a fakeout.

[NAV]

The 60-min CCI(14) is at -310 as of 8:00 AM est bar open. The bar hasn't closed yet. This kind of CCI is like a rubber band streched to the extremes, ready to snap. Even if we have a genuine change in trend, mark this one. It will not happen, without a deep snapback. Now that's the best case for bears. The worst case is SLINGSHOT PART II . Good luck folks.

Edited by NAV, 18 July 2007 - 07:22 AM.

[ogm]

CPI is irrelevant. Everyone knows it will be as or better then expected. Everyone knows inflation is "low". This isn't about CPI, but about credit.

[NAV]

Yes, it was the infamous 8 hours of bearishness. 8 hourly bars on the ES 24 hour chart, which has marked the low so far. So far what we have done is the retest of the breakout area around ES 1546. Since the cash market hasn't got a chance to test it yet, chances are very high that we may retest that low on ES in the regular session. The chances of not testing it is low, but nevertheles a possibility that should be on the back of every bears mind. You never know, a huge gap-up can change everything - sentiment, momo, trend....... Let's see what the CPI brings here.

Until we have a daily close below the breakout area, odd favour a resolution to the upside. Sentiment is absolutely amazing. We had a breakout just 2 days back, which caused a lot of pain for the bears, who got caught in that squeeze. Two days later and after a mere 15 point drop, they are already getting ready to play another top. Is anyone looking for a bottom ? Like da_cheif says, fear of heights is rampant. Too few seem to be comfortable playing in this high mountain thin air. I love this game....

That "breakout" could turn into just a fakeout.

"Could" be genuine too.

"Could" represnts HOPE. I trade "What is", not "what should/could"

CPI is irrelevant.

Everyone knows it will be as or better then expected. Everyone knows inflation is "low".

This isn't about CPI, but about credit.

I agree CPI is irrelevant. But the CCI isn't


Holy Shmolly! The 120-min CCI is at -340 ! .

Edited by NAV, 18 July 2007 - 07:28 AM.

[Pabst]

CPI is irrelevant.

Everyone knows it will be as or better then expected. Everyone knows inflation is "low".

This isn't about CPI, but about credit.

No doubt. Bernanke's epitaph will be, "energy and food prices no longer matter."

[ogm]

A whole, bunch of DOW components reported earnings this morning, and ALL of them are down on the news. MO, JPM, INTC, PFE even UTX that beat and raised guidance. No one surprized by anything. Expectations were too high. Notice how the whole advance and CNBC talk has narrowed down to multinationals and global economy. Everyone forgot about the US economy. What about 1000s of companies that do business here ? Is that why the internals are weak ? Some futures trader was saying this morning, that earnings from multinationals will help this market... no F-ing way. Because multinationals are only a small part of it. Though the indexes are stuffed with them big time, the rest of the market isn't.

Edited by ogm, 18 July 2007 - 07:52 AM.

[skyymaster]

Yes, it was the infamous 8 hours of bearishness. 8 hourly bars on the ES 24 hour chart, which has marked the low so far. So far what we have done is the retest of the breakout area around ES 1546. Since the cash market hasn't got a chance to test it yet, chances are very high that we may retest that low on ES in the regular session. The chances of not testing it is low, but nevertheles a possibility that should be on the back of every bears mind. You never know, a huge gap-up can change everything - sentiment, momo, trend....... Let's see what the CPI brings here.

Until we have a daily close below the breakout area, odd favour a resolution to the upside. Sentiment is absolutely amazing. We had a breakout just 2 days back, which caused a lot of pain for the bears, who got caught in that squeeze. Two days later and after a mere 15 point drop, they are already getting ready to play another top. Is anyone looking for a bottom ? Like da_cheif says, fear of heights is rampant. Too few seem to be comfortable playing in this high mountain thin air. I love this game....

That "breakout" could turn into just a fakeout.

"Could" be genuine too.

Nav, do you know a charting site that offers the ability to put up a 120 minute window. I am trying to learn but can't do it with the charts I have access to. The most it goes to is hourly

"Could" represnts HOPE. I trade "What is", not "what should/could"

CPI is irrelevant.

Everyone knows it will be as or better then expected. Everyone knows inflation is "low".

This isn't about CPI, but about credit.

I agree CPI is irrelevant. But the CCI isn't


Holy Shmolly! The 120-min CCI is at -340 ! .

[NAV]

Yes, it was the infamous 8 hours of bearishness. 8 hourly bars on the ES 24 hour chart, which has marked the low so far. So far what we have done is the retest of the breakout area around ES 1546. Since the cash market hasn't got a chance to test it yet, chances are very high that we may retest that low on ES in the regular session. The chances of not testing it is low, but nevertheles a possibility that should be on the back of every bears mind. You never know, a huge gap-up can change everything - sentiment, momo, trend....... Let's see what the CPI brings here.

Until we have a daily close below the breakout area, odd favour a resolution to the upside. Sentiment is absolutely amazing. We had a breakout just 2 days back, which caused a lot of pain for the bears, who got caught in that squeeze. Two days later and after a mere 15 point drop, they are already getting ready to play another top. Is anyone looking for a bottom ? Like da_cheif says, fear of heights is rampant. Too few seem to be comfortable playing in this high mountain thin air. I love this game....

That "breakout" could turn into just a fakeout.

"Could" be genuine too.

Nav, do you know a charting site that offers the ability to put up a 120 minute window. I am trying to learn but can't do it with the charts I have access to. The most it goes to is hourly

"Could" represnts HOPE. I trade "What is", not "what should/could"

CPI is irrelevant.

Everyone knows it will be as or better then expected. Everyone knows inflation is "low".

This isn't about CPI, but about credit.

I agree CPI is irrelevant. But the CCI isn't


Holy Shmolly! The 120-min CCI is at -340 ! .

If you are looking for a free one, try www.Prophet.net. Most of the paid ones offer that capability like e-signal, tradestation, etc

[arbman]

I will cover some at the opening just to book some profits, it is highly likely that there will be more downside into the afternoon as soon as the oscillators bounce from the deep oversold levels in the morning... BTW, the hourly oscillator might be snapping back up, but the daily oscillators are merely snapping back down...