I plan on doing some buying near the close to capture a gap up move in the ES. I am willing to take the overnight risk tonight with traders fearful of further weakness. With support at 1115 on the S&P right below, the risk reward is very compelling. Also, the European and Chinese markets are very oversold.
thanks a lot for all the updates
ReplyDeletecounting on GE and GOOG to give us bulls wind in our sails.
ReplyDeleteA rally tomorrow would be nice.
ReplyDeleteAre you at all worried that everyone and their brother thinks that this is a buying opportunity.
ReplyDeleteThe main difference from this sell off and the others is interest rates. We are raising them soon and china has already started.
Yeah going long for a trade sounds fun ,but you could get really hurt here. Be careful!
GOOG tanking ...any thoughts?
ReplyDeletenicasurfer, I understand your point about there being risk here. I just think the reward justifies the risk at these prices. Today flushed out a lot of nervous longs. Now we have overhead resistance at 1130-1135. I think we can easily bounce to those levels from here next week.
ReplyDeleteHow long are you right now dawg.
ReplyDeleteI'm 60% long my portfolio right now.
I'm using the rest to average down if I have to.
What's the lowest we can go 1100?
And if we're right we bounce to 1130 by tomorrow.
I don't want to reshort till at least 1135
I'm not worried about GOOG, if China bounces from its oversold levels tonight, I expect the ES to rally overnight.
ReplyDeleteI am fairly long, but I have room to add more if we go lower. I think this dip is a swing trading opportunity, not just a daytrading opportunity. I think we'll get to 1130 sometime next week.
ReplyDelete1130 is only like 14 points away.
ReplyDeleteIt can easily happen tomorrow with the volatility we've been having lately.