Trading the SPX

[Atilla]

I'd like it the other way round

A bump up till in the first hour then the selling to start to kick again...

I'm guessing the 1390 line will hold.

 

[Bez]

If the higher frame is still in control (odds favour) then it will go lower than 1390....

 

[Bez]

Turn came 15min late...

1:1 onto a 38.2% was what they were after it seems....

 

[Atilla]

If the higher frame is still in control (odds favour) then it will go lower than 1390....

I do agree the markets have got a lot further to fall. Bernanke's account today was really good honest and up front but I doubt as to whether the traders and market makers know the fundamentals of what he is saying. Probably too far off.

What was good that he did not mention interest rates and he suggested cut back on expenditure and tax increases.

Anyhow, for the time being it's the old addage if in doubt do nothing. Tread water. The markets I'm sure will trend down in the next few weeks.

Compared to yesterday very quiet day today which is nice...

 

[Bez]

I have to say I liked yesterdays volatility It makes me think back with misty rose coloured spectacles of 97-98 & 00 to 02...

I still have this as down today, so maybe the last hour players wll show there hand :?:

 

[Atilla]

I have to say I liked yesterdays volatility It makes me think back with misty rose coloured spectacles of 97-98 & 00 to 02...

I still have this as down today, so maybe the last hour players wll show there hand :?:

Well I think yesterday was a shock to the system. Markets I guess and hope will close higher than yesterday so we can have some bounce.

However, oil is rising again so you may well be right.

Although this is a SPX thread I think there is now a very strong chance of GBPUSD trying for the £1=$2 mark. Missed out on many pips today as my stops got blown away.

 

[Atilla]

Looks like a concerted push up in closing hours is under way to me. Sending smoke signals to the Asian market...

 

[Atilla]

Looks like a concerted push up in closing hours is under way to me. Sending smoke signals to the Asian market...

Good day everyone,

If the 1400 level holds today I'm expecting a rise to 1420 area... (I'd guess 1418)

I don't know what is happening to oil. The news does not carry much weight with me about oil embargo on Iran. US authorities exceeding them selves again. Unless the US gives China it's oil, China will continue to buy Iran no matter what anyone says. I'm expecting oil to fall coupled with increasing supply from Iraq.

Also given a slowing economic growth should also impact demand for oil until markets stabliise in their run.

Hence, SPX should continue gentle but temporary rise for now...

 

[Atilla]

Good day everyone,

If the 1400 level holds today I'm expecting a rise to 1420 area... (I'd guess 1418)

I don't know what is happening to oil. The news does not carry much weight with me about oil embargo on Iran. US authorities exceeding them selves again. Unless the US gives China it's oil, China will continue to buy Iran no matter what anyone says. I'm expecting oil to fall coupled with increasing supply from Iraq.

Also given a slowing economic growth should also impact demand for oil until markets stabliise in their run.

Hence, SPX should continue gentle but temporary rise for now...

Well 1390 seems to have just about held for now.

I may be being naive here but either that was one shake out and we are expecting a juicy bounce to 1410+ or breach of 1390 is going to take us down to that 10% payback point.

 

[NotQuiteRandom]

I got some nice odds on touching 1350 within 10 days yesterday.

Looking forward to closing out my short puts when the market opens - am feeling jumpy about US right now.

NQR

 

[Bez]

The next turn ( a delta low point) from the one I posted yesterday isn't due till lunch time today & like I hinted at yesterday price will go below 1390...

 

[Mr_Stochastyk]

I got some nice odds on touching 1350 within 10 days yesterday.

Looking forward to closing out my short puts when the market opens - am feeling jumpy about US right now.

NQR

They are trading lower and it looks like a second leg down...
I've got several indicators saying: it's not finished yet with1350-1360 as a possible target

I don't count on a sharp rebound here..rather a 2-3-days bottoming process.

good trades,
Andre

 

[Atilla]

They are trading lower and it looks like a second leg down...
I've got several indicators saying: it's not finished yet with1350-1360 as a possible target

I don't count on a sharp rebound here..rather a 2-3-days bottoming process.

good trades,
Andre

The dam has been breached.

I'm short from 85.

According to my fib 61% retracement this is likely to trail all the way down to 1315-20. If this is as significant correction as talked about I think it will exceed th 50% levels. In fact it could go all the way to 100% - 1250 areas.

 

[NotQuiteRandom]

Hmmmmmmmm........... Rubbing hands..... 20k here we come!

 

[Atilla]

Hmmmmmmmm........... Rubbing hands..... 20k here we come!

Oh dear...

That was painful. Just catching my breath now...

 

[ammo]

Oh dear...

That was painful. Just catching my breath now...

take a look at weekly dollar chart ,connec t oct 06 and jan 07 his,use that as support and it looks like we're close ,within 20 cents,if dollar fins support ,unwinding might cool off,panic over

 

[Atilla]

take a look at weekly dollar chart ,connec t oct 06 and jan 07 his,use that as support and it looks like we're close ,within 20 cents,if dollar fins support ,unwinding might cool off,panic over

Hi Ammo,

I've taken my loss and stepped out of the market at the mo. Will evaluate this evening and back tomorrow.

I have tried your suggestion but can't see anything significant with the line on the weekly charts.

I think the market is getting support which is what I originally expected but I still feel we have some way to go down. But can't sustain beyond acceptable loss position and hence closed positions.

 

[ammo]

Hi Ammo,

I've taken my loss and stepped out of the market at the mo. Will evaluate this evening and back tomorrow.

I have tried your suggestion but can't see anything significant with the line on the weekly charts.

I think the market is getting support which is what I originally expected but I still feel we have some way to go down. But can't sustain beyond acceptable loss position and hence closed positions.

i've been on sidelines since tuesday about 1418 low in spus got flat,and am waiting for the bombing to stop,looking for 11600 in dow and roughly 1350 in spus,spus could have 20 point gyrations in that move ,to much heat for me,i'm a small trader taking setups,this is too big of a gamble for my present acct size,good luck

 

[NotQuiteRandom]

Oh dear...

That was painful. Just catching my breath now...

Lucky I got good odds yesterday! It was always to be a punt... we will see.

 

[Bez]

This should be up till monday now....Once we get this intraday delta point out of way..
Its due in this lunch time frame, this mornings spike was the higher frame coming in...