1080 is at the top of the current priceline channel for the S&P. While I expect a breakout ABOVE the current channel, there will be resistance at this level and the market may backtrack and take a second run at it . . . assuming no new bad news. Day traders may want to take profits at 1080 if the market declines at the 1080. Having an EDC position, I am hoping for a close just below 1080 and then a gap up that pushes us past 1080 for Thursday.
I'm looking for a flat market chart from 11:30 to 2:30 and possibly another step up at the close if the chart holds up to that point. An 1178 close would be great.
As always . . . all my posts are speculative and nothing more than my opinion. I could be wrong .. . but so far, that EDC position originated at S&P 1144 is working out well. If you are continuing to hold EDZ . . . I am sorry for your loss. Not meaning to be an ASS . . . I sincerely feel your pain as I have been in the same position. We ALL have. GLTA
I have been watching the S&P index all day on my 1 minute intraday charts. So once even a slight change occurs and is real signal and not just a head fake, I'll be the first to notice. That’s my job, to be able to get in a trade first before the average Joe investors notices that will only drive up the prices, making it a more risky and more expensive buying from that point on. since my average trade only lasts about 30 minutes, I am usually out of a trade cashing in my profits, while the average Joe is just now noticing that same trade jumping I just jumped out of.
Trying to sit and hold waiting for a home run shot is no longer a 50/50 proposition like it use to be. It is less than a 50% proposition, especially in a ranging market, they will get eaten alive tiring to sit and hold.
The most successful traders on the universe are actually day traders that break up their trades nickering and diming the S&P index to death, taking what ever it gives them, making on the average anywhere from 3 to 5 trades daily with a very high hit ratio. NOW THAT'S IN A RANGING MARKET. In a trending market the average trades for a successful day trader would be from 1 to 3 trades daily. and we do not do any overnight holds...especially in options... that would only place us in the same category as the average Joe investor at the mercy of the overnight futures and what ever breaking news hits the fan over that 17 1/2 hour period for option traders, a mistake I will never make again...
doc I tip my hat to you .you got the the right call over the short term. don't worry about my pain. I'm a big boy its not a loss unless you cash out . and still beleive there will be profits to come in EDZ and glad your up on edc but don't take to long to take your profits and hope you get back to EDZ think its a buy under 50 but you play your cards the way you see them. glta
Agree with Ed. I'm resolutely bearish, and don't want to wait for the move to start. I'm confident enough in what I see. Missing out on some trades....I know. But with that breakdown of the flash crash numbers, LIBOR breaking down, and CAO (Bessie) sittin at about 3, we are sitting on a time bomb. IMO of course.