Market Open: Gap Open Was Bought Thus Far
August 28, 2008 9:52 AM
The market has gapped higher, which i thought was likely today. The question is can the gap hold and how high will it go. The early low is 1288. That has to hold for this trend to continue. The early high is 1292. If the early gap was sold, this wold be easy, but it wasn’t. The trade is long unless 1288 clears. If it clears we should see 1282, at least.
Key number to the upside is 1294. If that clears we should visit 1300 area, possibly higher.
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It hit 1288 seversal times…. bounced back to 1289…
I went long above 1288 as that is the number, IMO
All the way to 1291.25 from 1288…do NOT forget my gap rule…1294 is a key number to the upside. If we clear that we would see 1300
1288 has still held. To signal a possible high, it needs to clear before 10:30
Hit 1288.25 again…. why would people sell there when 1288 needs to hold? it was long there, is anything, until cleared, as i see things
Nothing has changed my mind…. either 1288 holds, or it doesnt..
I have been long above 1288 3 times…
1292.25 should NOT be the high
Caution near 1294….. 1293 high, thus far..
I exited 1293…. not worth the risk up there…have to wait and see if we push through it
I believe if we clear 1294 we should see something near 1300
1293.50…its deciding…
Looks like we need to get under 1292 here…
hmmmmmm its clearly undecided, thus far..
risky to short a gap higher, but im short
If that is the high and we clear 1288 before 11:30 it is game set and match …we should sell hard if that happens
I covered the short at 1291…but I smell possible serious pressure…but too early to know..
Come on get down there…i want 1288 to clear before 11:30 to prove my theory correct… they should rip this apart if that happens i believe…
I should have shorted just under 1294 as I HAD the number before it got there, as mentioned..
If we clear 1294 BEFORE 11:30 we should make a decent pop
Looks like we would have to get under 1290 or so to maybe challenge 1288
should have shorted it up top again, obviously…duh
Ughh isnt going to make it that simple
Well, the line is clear…we are either going to clear 1294 or we are going to clear 1288…one or the other will eventually happen…
Unless 1288 clears today…. it is still a trend day higher….but we HAVE to clear 1294, IMO
There is ONE trade here at 1289 and thats LONG above 1288 IMO
Already back to 1291.75
I exited the long there…i don want to be long nar the high
1292.50…. my gap rules rule…lol
1293…..
I shorted that, if it clears 1294 then it does…but thats the only trade there, for now as i see things..
Cleared…im long BIG at 1294
We have not seen the high, IMO
1293-1294 shouldbe a gift long, unless we make a new high first
What comedy on CNBC about “why” the market is shooting up. Oil, traders on vacatgion, bla bla bla. The market is going up because 1288 held and we cleared 1294. Thats it….nothing else is relevant.
I still almost no possibility that we have seen the high…anything is always possible obviously…but there is no indication of it, as i see things
The market is just extended and is trading sideways until the SMA’s catch up, and then we are likely to push to a new high…but that is how I see things.
Someone wake me when we hit 1298
If we make a new high AFTER 12:30 make certain it does not reverse below 1302
New high 1297….
We still have not seen the high as i see things..
I do not believe in “double tops” as many do and that is what we have here. The high should at least be revisited, if not cleared. We are likely to not go much below 1293 here.
Bounced off 1293.25…already back to 1295
1293.25 should hold here as i see things..
We should push higher here above 1293.25 unless i am missing something
If we clear 1293.25 then i am not sure what will happen…. but it seems unlikely
We need to push through 1295.50 to challenge the high it appears…
weird, it refuses to move
1295.50 seems to be causing an issue…not sure why…
The sma’s are going to force the action VERY soon
There we go we FINALLY pushed through 1295.50… not sure what the issue was there
1293.25 is still an important low as i see things
We hit 1297 again on the button…would rather have seen it push through and strongly reverse if we are going to sell down
boringggg…. people are likely cautious to make a new high as it may reverse hard on any new high under 1302… that seems to be whats going on here, i guess…
We are still ok here unless we clear 1293.75 as i see things..
New high 1297.25… be careful if we spike ANY higher and reverse…
1298 high… if we are going to reverse today, it should come in here somewhere…
CAUTION…it is early, but if we do reverse here ALL charts will be on the same page - be careful
Yep, they are trying to reverse it… leave this alone unless you kno what you are doing
If we close out 2:00 EST below 1295.50 then we likely have seen todays high
Come on get down there…
grrrrr
The trade is short below 1298 as i see things…. we may clear it, we may not…. but that is the ONLY trade here..
We have to clear 1295.25 to get more pressure i believe
in short at 1296…i am leaving with a hard stop above 1298… but thats how i see this…we do have key SMA support at around 1295…so it “may” try and hold….but that is the trade
If we clear 1293.25 we should see some real pressure..
193.50…break it and lets rip this apart
I covered there…as it “might” hold”
If we go much lower…we may clear 1288 into the close. if that happens we may go negative
To get out of BIG trouble, we HVE to hold here AND close out 2:30 above 1296. If we do not…. bigger trouble than people may think might be coming…
ugh stupid thing bounced all the way back to 1296…
I shorted 1296.25 again
If 1298 clears, then it does, but shorting below that is the ONLY trade as i see things here..
grrrr get down there
hmmmm they are going to make this simple for sure
It looks like we will clear it, we closed out 2:30 above 1297
Yep…should have took 1 point when I had it…only bad move i have made, thus far, lol
We still may reverse up there… i think its best to leave it along up near 1300… too much risk as i see things… 1302.75 “should” be a problem up top
The easy trades for today are over as i see things… the trade was long above 1288 as I said repeatedly… not chasing this craziness near 1300, lol
Still no sign of a firm high, much to my chagrin
Hmm… that could be the high, but they sure are not making it easy… it did not make a VERY clear signal as it did before when it spiked all the way to test 1293.25
I want a firm hit and strong rejection…otherwise i guess we will just march higher here, not sure… trend days tend to close at or near the days high
This is going to be near impossible to trade into the close… we “kinda” have a high, just not one i like and is less than clear, as I see things
Praise the King Jesus!
Yawn…. make a FIRM high and lets get this over with…ughhhhhh