Market Open 1272: Trade Should Be Long Checkdowns, But May Take Some Time For Real Strength
August 27, 2008 9:30 AM
Opening in the 1272-1273 range is actually good to be long. An open much higher would likely be sold. Be careful up top near 1285.50. We would have to clear that in order to make a run at 1302. I doubt we will challenge 1285 today, but anything is possible. The early action may be a grind until the SMA’s catch up.
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It is possible we could check down here…. need to wait… but as long as we stay above 1270 or so, I think we will move higher… but need to wait at least a few mins to see where we are..
Low has been 1270.50, i am long big at 1273, but should have bought lower. We “may” check down in the 1275 area again…maybe…but charts will be stronger than yesterday unless we make a clear reversal
It backed off 1275 area again… we need to stay above 1270.50 to avoid problems
We should go higher buy all checkdowns, IMO
The only way that we could run into some trouble is if we close out 9:00 below 1272.50… then this “might” be an issue
If we are going to hold the gains, we need to bounce in the 1268-1269 range..
Bounced off 1269.50…good sign as i see things..
Hmmm…. I still believe this is timing only
I still see no sign of a high…but we need to clear AND hold yesterdays high to maybe get this going… but this still apears to be timing only
1271..50 or so should be bottom if we are going higher
Only got to 1272 sorry, lol
Like i said…buy all checkdowns…but not sure how high we will go… 1280 area may be an issue
Be careful of ANY sign of a reversal up here..
Hmmm no reversal but it backed off 1280…. I do not like long up near 1285, that i know
The “easy” 7 - 8 points has been made… turn off the pc and go to the pool is the wise move now, lol
Best to leave this alone up here as i see things… I exited far too early at 1277…ohhh well only 4 points
We need to close out 11:00 above 1277 as i see things or this “may” present an issue
If they want this game to continue, they will close it above 1277
hmmmm we “should” be ok here but I just do not like strength 1280-1285, but thats me
If they want to keep this going, it should bounce in this 1275 area..
Bounced off 1274.75 to 1276… I have no interest in anything in this area until there is some more clarity
If we close out 11:30 below 1275, that “could” be todays high
Thats why I said to avoid long near 1280…. even though we had no clear rejection…I just dont like it up there, for now… I learned my lesson yesterday to avoid areas…well, I should have learned that long ago, but my stubborness gets in my way, lol
We are still “ok” here unless we clear today’s low and hold it. if that happens then some panic may set in. This “appears” to be timing related thus far, but could lead to something bigger if we cannot push through this high
If this is todays high we “should” make a run at it and reverse as i see things..
I still think we have to make a push towards 1277-1278 and reverse to give a better indication if this is the high
Ok, if we clear the high BEFORE 12:15 we should go to 1285 area
again, I believe if we clear it before 12:15 we will go up at least 2-3 points…should be free trade…IMO
Backed off 1280.25… I think they are wrong, we will see…
I could be wrong, but i see NO possibility that 1280.25 is todays high now
New high 1281… be VERY careful much higher here 1285.50 is a big issue up top IMO
1282…. the high should be made after 12:30 below 1285.50… if we clear that, then we may challenge 1302, possibly
I take that back, 1294 would be next likely reversal if we clear 1285.50 as i see things
I am going to short 1284 with a hard stop above 1285.50… if we get there..
Get up there…sooner it clears 1282 the better to be short
Grrr it only got to 1282.50…. i think we may reverse in here…we will see.
I shorted 1281.50, wasnt quick enough to get 1282.50…i had the short placed at 1283…but never got there… but it is too early to know if I am right or wrong…
hmmm wrong apparently… i will short more after 12:45 on any new high below 1285
im short 1283.50…we will see…
come on get down there…do as you should…
hmmmm it looks like we are going to clear it, most likely…. next 3 mins will be key
i scalped out at 1283.25…mistake probably…but I am not certain… so took what i could
ugh 1282.50 already…ding dong…LOL
Todays high 1285.25…. WHY would anyone be long there when we HVE to clear 1285.50??? Amazing
If we clear it BEFORE 1:30 we “should” move up pretty strong…
Ha…what a bonehead…all the way down to 1281…. WHEN am i going to listen to what I SY instead of watching these others, lol
I deally we need to close out 1:30 below 1281 to get the longs a bit nervous that is the high…
GRRRRR closed it out at 1282.50….buttheads…
We STILL have to clear 1285.50 to go any higher, PERIOD
If we are going to challenge the high, we should bounce not much lower than 1280
My “hunch” is it is going to clear…but guessing is not wise, lol
I put the short in at 1284.50 if it gets there…. 1 point risk…possible big upside…. sma’s suggest we may clear it……. if we do then I will reverse it
ugh, it only got to 1283.75…the outcome of this is still in doubt
It is going to try and hold the 1280 area for now, as mentioned…this is still in doubt
Ugh… 1280 was a direct hit on a key SMA… I wanted to get under it to apply more pressure..
Here we go again…. 1284.75….
what a whipping…clear it or dont… keep in mind if it clears the gap may or may not totally fill…. My guess is we will see 1290 if it clears…but thats my guess
why didnt i short 1284.75? lol, stupid…I had the number to cover
Ideally we need to close out 3:00 below 1282 to maybe get some pressure into the close…maybe
GRRR get down there
1280 will try and hold again i believe…
Yeah they are gloating about the rally on CNBC…just hang tight we get under 1280 and hold they may rip this apart
Its bouncing directly off the sma SMA again, we need to get under 1280 I believe to really get people nervous
1279.75 may be the number
i went long 1281.25 to see if it would hold, but im not marrying this
This is scalp city….I took a point and ran for the hills…
Get down there…. direct hit on 1279.75…break it
There we go… 1278.50… it still may reverse above 1277…not sure..
Come on shread this thing into the close…
we should try and hold this area… 1277…. if we cant reverse here, then we may test the low
It looks like 1276.75 has to hold here or we will see 1273
1276.75 HAS to hold
It cleared…the only reason this may not plunge is there isnt much time left…
Grrr whipsawed me big time… that 1276 area has 2 sma lines thats why it bounced there…ugh …should know better than have anything going on in the last 10 mins anyhow….
amazing, all the way back to 1280 and change…
Well, at least i called the “probable” high of the day…all in all, worked out