Thursday, September 17, 2009

Yes you guessed it - another new high

Well as I was having my breakfast this morning I decided to get some orange juice - as I am pouring the juice into the glass I hear the dreaded sound of "order filled" coming from my laptop.

Yet again I have fallen for a stop run as the advance was reversed right away with me being taken out of 50% of my position. I had PROMISED myself to not hold any hard stops during overnight hours as I had been a vicitim of such moves many times before - with the strong moves of the past week I had decided to put at least a partial hard stop in case we get a runnaway GAP for the morning cash hours. Nothing you can do about it ...

Lets see what the rest of the morning brings for all of us. It would not surprise me to see this run another 25 points on the upside from here before we finally start a retracement of more then 5 points.

20 comments:

  1. it is easy trade on the long side. Buy between 15 and 50 sma and stop below 50 sma. For the last few days spx cash has not gone below 50 sma.

    i do not have guts to go long at this level. staying on the side line. Thanks to stop loss I picked up couple of points yesterday.

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  2. It is right at 50 sma at 1068.8. let us see what happens. if it bounces. or goes to 1063

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  3. yeap ... I am short still ... hoping to remain short =)

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  4. Looks like on 5 min 5o sma is now acting as resistance. let us see if it pans out. this may be the start of the MOVE.

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  5. move to 1067-1066 should confirm few points to south.

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  6. I am short now with the tight stop. let us see how far does it take us.

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  7. From Mortie's twitter:
    MortiES' Take on Action ~ ES is ranging between our two 161.8% levels. I'll wait for ES to make a definitive breakout. $ES_F$$
    about 2 hours ago from web
    MortiES' Observations ~ ES hit our target for this morning and is looking strong. The next target I have on upside is 1085.25. $ES_F$$
    about 2 hours ago from web

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  8. well I have some stops in place, if we go higher from here - by that I mean create another high, I will start scaling out AGAIN lol

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  9. Chris, now it is your turn. how far do we go?

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  10. got stopped out. for a half point loss.

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  11. the next down leg after the A and b should be bigger than a to may be to 1057?

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  12. Finally going in the right direction. raising my stop

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  13. MortiES' Intraday Update 17Sept2009 ~ IMO in W4 and should Bounce into W5. http://tinyurl.com/my6akk $ES_F$$

    I am out. made some change. may go long, if I see reversal

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  14. shoot I am in positive being in long position. hope i do not fall in love with it when big down comes.

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  15. Out of long to lock in profit and will go long after it crosses 1068

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  16. went long again as it crossed 1068

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  17. barely 3 points down and I am excited - after an 80 point rally lol

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  18. Mortie has corrected his call: Looks for 1040 to end w4 and possibply w5 to 1100? a must read blog

    http://bostonwealth.net/2009/09/17/morties-eod-analysis-17sept2009-big-call-tonight/

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