Friday, November 27, 2009
We're Going Lower
This type of move off the 52 week highs usually mean we're not done with the selling. A 25 point down move is a bit of fear, 41 points is borderline panic and it doesn't subside in just 1 day. We'll probably selloff on Friday and probably oscillate on Monday. Around 1060, there is support in the ES and that could be a momentary pit stop on the way down to 1042.
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4 comments:
Hi market owl.
futures are up now, hovering around 1079-1080.
do you think it's a good shorting position ?
thanks.
I do. I am short. I think we're going to have an ugly day today.
Thanks, the problem is I got squeezed (stoploss) at 1084.
I have played several years with stocks, but only now moved to futures, and I suck.
What is your advice in regards to a situation like this ?
Should I just ignore the ES until 9:30 ?
I am having a hard time lately as well with the moves. I will say this. Trading is about making as much money as possible when the opportunities are good. Right now, the opportunities on the short side are just poor. And I believe the risks to being long at this point in time is too high.
So I think its best to just wait for very good setups and trade those. Its not an easy market. I also began with stocks and moved to futures because of the liquidity, I was having problems with trading small cap stocks because I couldn't get filled at good prices on the size that I wanted.
It is usually best to ignore the ES except for data that comes out at 8:30 / 9:00 and trade market hours. Sell when there is a lot of complacency and after markets have gone up. This is a deadly market to sell weakness as witnessed by today.
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