By the way, just noticed a gigantic 120,000 contracts traded in 2 minutes, taking the ES from 1136.5 to 1138.50. Looks like some fund just capitulated on a giant short position.
Wednesday, January 13, 2010
Dip and Run Rerun?
One of this market's favorite patterns, the dip and run. We dip in the first 30 to 60 minutes, and then we rally right back to the day's high and keep marching higher for the rest of the day. Below is a chart of what happened last Thursday. The dip last Thursday isn't as big because the market had already gapped down to start the day, while today started with a gap up. The hallmark of the dip and run is that the dip doesn't last long. The market rebounds immediately with hardly any pullbacks during the rebound. Like today. It is very unlikely that we selloff in the 2nd half of the day. I am sticking with my longs into the close.
By the way, just noticed a gigantic 120,000 contracts traded in 2 minutes, taking the ES from 1136.5 to 1138.50. Looks like some fund just capitulated on a giant short position.
By the way, just noticed a gigantic 120,000 contracts traded in 2 minutes, taking the ES from 1136.5 to 1138.50. Looks like some fund just capitulated on a giant short position.
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5 comments:
Well, it seems we have reached your target.
Very nice trade.
If I had only waited for the dips to get in...
What do you think will happen next ?
I am staying long. I will probably close out at least half at the close, all if we are at 1143 or higher. I am leaning towards more strength tomorrow.
well done.
Thanks.
You get the miller lite call and play of the day dawg.
YO GO GURL
I'm still staying short though.
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