Trading the SPX

[Effkay]

Not a bad trade since I was expecting not to go anywhere fast!

 

[roguetrader]

Coming into the last hour and volume remains slightly ahead NYSE and lagging on the Nasdaq.

 

[roguetrader]

Morning / Evening Joules.
Thought I'd post a close look at the SPX daily. Seems to be holding up quite nicely, so far, will be interesting to see the reaction to GDP, as there has been a lot of talk about this number over the weekend. Sitting tight under the 61.8% retrace from the highs. Rekon we're ok as long as we hold above 1184, breach of that should se a quick trip to 1179. North a breach of 1197.50 could yield 1203 - 1205. Could do with a catalyst, one way or other to attract a bit of volume.

 

[roguetrader]

Internals very strong here, though the market seems very apathetic here..

 

[roguetrader]

SOX leading here moving nicely away fromthat 200 week sma now, still there is a distinct lack of va va voom.

 

[roguetrader]

SOX rejection at 78.6% fib 433,.6

 

[roguetrader]

lol

 

[roguetrader]

11am vol comparison shows Nasdaq approx 10% ahead of yesterday while NYSE more or less even

 

[User]

559

Superb post.

Hope members are listening....

This in my opinion is not the start of a move to 11,000......

This is just a warning in regards to 10,000.......

 

[Racer]

559

Superb post.

Hope members are listening....

This in my opinion is not the start of a move to 11,000......

This is just a warning in regards to 10,000.......

I am just sitting and waiting till the bulls wake up in fear! Very happy to watch them go a bit crazy, means they will get scared faster

 

[Racer]

UK banks extremely poor today, often FTSE has shown the direction before US. Several companies that I would have expected to be much higher, based on fundamentals are struggling to go up and in fact look more inclined to go down

 

[Racer]

Hi Joules, yes they seem to be extremely exhuberant bulls there recently, knowing the DAX they will retrace just as fast!

 

[roguetrader]

Volume comparison coming out of lunch shows the Nasdaq still around 10 - 15% higher than yesterday with the NYSE coming in more or less even

 

[roguetrader]

Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

 

[waterrat]

I read with interest Joules criticism of the statement "Nothing wrong with taking a small profit".
Joules is exactly right in most cases - let the profits run. (also not a good move to argue with a kickboxer)

I would like to add a qualification to it. Taking a small profit when your trailing stop or your changed view of a market tells you to bail, is a wise move (regardless of profit/loss). Otherwise let 'em run..

 

[waterrat]

cheers

 

[roguetrader]

Volume at 11am running about 15 -16% behind yesterdays pace on both markets, internals very choppy.

 

[Effkay]

Long at 96.8

 

[Effkay]

For those trading logically the small swings today in a four point range should be nice. The Long weekend tends to stunt the volume and lends a pos bias.

Thanks matey! I only go for small runs on an intraday basis!

 

[roguetrader]

Joules do you have any sort of wave projection that would give you a target over 1200 say around 1209?

Other than fib of course which that number is.