I had closed my oct puts yesterday, and covered my ES short position here overnight for a few points gains (ES was from the highs last week). Still have some longer term puts but not too concerned about those on the short term.
Tuesday, September 22, 2009
Small update
Not much to say here. Possibilities exist for both scenarios - bullish if we open above 1062 with high probabilities of creating a new high. Open below 1062 and we should head lower.
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as mentioned in the comments yesterday we have to be ready for a retest of the 1071 range in the morning hours lol ... well we tested 1071.15 this morning and are now fighting to keep 1067 as support. I anticipate that this level will be broken to lead us back to 1062 that I was stressing so much yesterday.
ReplyDeleteI did re-enter my short ES pre-market (early morning) and swiftly got stopped out at the high of the day on ES (high tick). Got to remember to not set my stops on round numbers.
Went short again via ES as a scalp to 1062 SPX level. From there I am not sure, either a bounce to new highs or start of a move towards 1038-1041 SPX
Chrsi, what do you say here? are we done for the up move here?
ReplyDeleteIf you llok at 5 min chart from 9:30 to noon it shows bearish wedge and it is broken. what do you think?
ReplyDeletejust got back from dinner (still in UK) ... let me check what happened lol
ReplyDeleteok nice double top ... though every double top we have had - in the end lead to new highs. Its interesting to see the high volume sell bars again off each of the peaks and again much lower volume on the advances.
ReplyDeleteKeep in mind, we still have not had a major buying day to balance out our monday sell off from 2 weeks ago. So overall it shows that this rally is running on fumes and is eventually going to run out of gas - emphasis on eventually which could mean another good amount of points on the upside.
I am almost flat with exception of my long term puts (pretty much flat since exposure is limited).