Thursday, November 12, 2009

A bit hungover

Had a few too many drinks last night so no update. I had mentioned yesterday after the close that I think the market is not quite done yet. We found support at EURUSD and I am not counting out a retest of yesterdays high and a potential to hit our target of 1107-1110. Once we get there we can figure out if we are heading for the primary targets of 1116-1130 or see the 1080 levels first. We filled the GAP from yesterday during the intraday and also retested it again today making me think that we are not quite ready to head lower.


  1. looking for a long Entry on ES around 1086. Just a few more points to get there.

    EURUSD has moved lower quite a bit but should find support 1.481-1.482 which will be just around my ES targets for a long trade.

  2. bullish lowering wedge forming right at my target range. If this is bullish we either go higher now, or drop another 2-3 pts before going higher.

    If this will not resolve to the upside we could be seeing a target of 1080 ES today - though that would be a lower probability to play out like that.

  3. closed the dec put I had entered yesterday. Pretty much break even. Looking to potentially scale out of some of the puts if we do end up making another move lower here. Will have to wait it out and see. Based on what we are seeing here. There is quite a potential for more upside. I had assumed we would turn a bit lower sooner then this with more strength but thats not occuring.

    My amazon put, well, made the mistake of choosing the incorrect size here in terms of puts - now have to deal with the consequences. So may cut some right here as we have not sold off from the 133 AMZN levels that I considered my mental stop. If SPX does make a move higher here it will take AMZN with it above 133.

  4. stopped out of long at 1084.50 - now we can rally lol

  5. I know rules are in place for something. Following them will ultimately lead to success - but I would still ike to be long here as I think we have a reversal coming - not much but at least back to 1092 by the morning.

  6. refreshing seeing some downside pressure for once. Guess I was wrong again with the long attempt, just as I was wrong anticipating higher SPX prices - which is a bit ironic because my highest probability scenario was indeed the 10300 DOW and a marginal new high (failed wave 5) for SPX. Yet here I am thinking we go higher.

    Seems my head is all over the place at the moment, which really just means I need to wait it out and see what the market wants to do instead of being throw from one potential scenario to another. Someone tell me to shut up please ...