19 replies to this topic

[NAV]

What happened yesterday ? So far a minor consolidation on ES. The bear caucus is again getting excited. What is fascinating is when the market goes up 15-20 points, there's no talk about it, no celebration. But 1001 reasons as to why it should not have gone up. The market sells off 5-6 points and still holds above a consolidation flag, the bearish excitement builds up. That says most are playing the short side here or are comfortable playing the bear side a.k.a few paasengers on the BULL express. When was the last time we saw a market meltdown on a opex day, based on earnings news, after rallying all the way into the OPEX ??. As i said yesterday, the daily momentum is not looking good at this juncture. So unless we accelerate here, faster than we did yesterday, a traedable 20-30 points decline on ES may be coming. But still no confirmation of a swing top yet. Playing the right side of the trend until that signal is generated.... P.S Still long 1/3 of my ES position from 1547.50.

Edited by NAV, 19 July 2007 - 11:33 PM.

[NAV]

What happened yesterday ?

I mean't "What has happened since the rally from yesterday"

Edited by NAV, 19 July 2007 - 11:40 PM.

[kaiser soze]

To answer your question, the last time we saw the averages down big on an opex day, based on earnings news after rallying all the way into opex was Jan 20, 2006. Incidentally, then too, google was part of the news. GOOG had just received a DOJ request for search records and was being confrontational.

[NAV]

To answer your question, the last time we saw the averages down big on an opex day, based on earnings news after rallying all the way into opex was Jan 20, 2006.

Incidentally, then too, google was part of the news. GOOG had just received a DOJ request for search records and was being confrontational.

Sorry, we did not rally into OPEX then. We declined from Jan 11 - Jan 18. Jan 19 was a minor up day and Jan 20 was down big. So essentially declined into the opex from WWW, during that time.

This time, however, we have rallied into the opex from WWW.

[btrade]

? When was the last time we saw a market meltdown on a opex day, based on earnings news, after rallying all the way into the OPEX ??. Answer: November 15,1992, Sp futures fell BIG! It was a great day to be short.

[btrade]

?
When was the last time we saw a market meltdown on a opex day, based on earnings news, after rallying all the way into the OPEX ??.

Answer:
November 15,1992, Sp futures fell BIG! It was a great day to be short.

CORRECTION---- 1991 not 1992

[arbman]

It is hard to say the market rallied into the opex except for the NDX probably. SPX has been pretty much flat the whole week. The TNX and USD charts in between 1991 and now look almost identical, back then the trigger was a sudden drop in the USD. I am not sure USD will sink rapidly tomorrow to trigger a turn in the yields sharply higher and stocks lower. BTW, who is usually buying the US futures overnight?!?

[NAV]

It is hard to say the market rallied into the opex except for the NDX probably. SPX has been pretty much flat the whole week.

From the 7/11 WWW, we have rallied a whopping 50 points on SPX.

[eminimee]

OEX 720 if not 725 are pin targets today.....or half way in between....

Edited by Teaparty, 20 July 2007 - 06:29 AM.

[eminimee]

Just took es long at 55.75..stop 53.75