Got your spacesuit ready? We have liftoff in the futures, approaching an area where there is almost no resistance, between 1100 and 1120. I don't advocate chasing any breakouts. There is no news out there, just more dollar weakness, and strength in the European markets. I will sell to the astronaut wannabes who are buying here around 1100. But this is a daytrade where I am looking for weakness in the first couple hours of trade. I do not want to hold short overnight just yet. It is both a time of great opportunity and also one that requires good timing. Timing can make the difference between a stress free short and one where you are sweating bullets as the market goes higher. Gold is a punch filled party where the longs are having the time of their lives. Unfortunately, I have no position in gold, with no plans on playing it either way. Today is Veteran's Day, the bond market is closed, so I expect another low volume day.
Wednesday, November 11, 2009
Zero Gravity
Got your spacesuit ready? We have liftoff in the futures, approaching an area where there is almost no resistance, between 1100 and 1120. I don't advocate chasing any breakouts. There is no news out there, just more dollar weakness, and strength in the European markets. I will sell to the astronaut wannabes who are buying here around 1100. But this is a daytrade where I am looking for weakness in the first couple hours of trade. I do not want to hold short overnight just yet. It is both a time of great opportunity and also one that requires good timing. Timing can make the difference between a stress free short and one where you are sweating bullets as the market goes higher. Gold is a punch filled party where the longs are having the time of their lives. Unfortunately, I have no position in gold, with no plans on playing it either way. Today is Veteran's Day, the bond market is closed, so I expect another low volume day.
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4 comments:
I can only pray this is a double top dawg. I'm down like 20% now. Don't even know wtf happened.
The good news is that I'm at a starbucks at Hermosa Beach and there are hot white beetchez all up in diz hizzay.
OK, I think we got the weakness.
I'm pondering about shorting if and when it comes close to 1100 again.
Do you think market will cross 1100 today ?
On the ES probably not.
This move is bearish. I think that was the top. Because it's a double top.
We are up now 7 days in a row.
Since this rally began on June 18th, the largest consecutive up days was 10. And we were at much lower levels back then.
China is announcing they are going to depeg from the dollar.
I realize now that all this BS market rally is due to the dollar.
Geithner just said Dollar must be strengthened.
Just short the fucker and get ready to be down in a worse case scenario but this is getting fucking ridiculous man.
If the market is going to cross 1100, I think it will be near the close. Midday, I think it will be bears keeping things under control. If this is going to be a negative day, we're not going to visit 1100 again and then fall. It will have to fall from here. I am putting in a small short position at 1095 area on ES to see what the bears can do for the next couple of hours.
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