Market Open: Watch The Gap Reaction
August 22, 2008 9:26 AM
We are going to gap higher at the open. Watch the gap reaction. If the gap is bought early, we shoould move up most, if not all, of the day. if the open is bought I believe we will close at or near, the high of the day. There is nothing to stop the move higher today that I see. We will likely have a resistance issue up near 1294. 1302.50 should be a lid for today. If we get above that shorts may panic. I am long before the open at 1285.50. That’s generally very unwise, but I am convinced we are going higher, but it is possible we may check down early before making a big push as soon as it checks down.
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I doubled down long at 1284…. risky as we “could” sell the open, but i dont think so…. i think we are going higher….
Too early to know for certain, but 1282.75 looks like the low and long everything above it
We are ok here still… 1282.75 is important I believe or the gap may fill…im not flattening anything unless that clears and will reevaluate
So far it looks like that 1282.75 is todays low…
Tempting to flatten up there and wait for a checkdown to buy it again… but I have been whipsawed toooo many times doing that… this still appears to be a trend day long…im leaving it
We would have to close out 10:00 beloe 1287 to maybe provide a challenge to the open low… otherwise we are going higher, IMO
Trying to reverse off new high… 1282.75 is still key for the day
Bernanke made some remarks about banks, failures, something….
I exited at 1288.25, possibly dumb, but saw a possible reversal after bernankes comments…
Whennnnnn am I going to learn…IGNORE all the bs on tv, NOBODY cares….the bottom line is the gap was bought…UNLESS we clear that low, the trade is LONG period end of discussion
anyway i went long again, but should have bought cheaper as it shot down to 1286 and change after bernankes comments
we are going higher
new high
There “may be some issues up higher here, not sure… 1294 area has a lot of resistance. If we are going to get a firm, high, it is most likely to come AFTER 10:30
129.75 high thus far…. this area up here “may cause some concern, not sure
If we sell down before taking out 1293…long… this is resistance, nothing more, IMO
Not sure where the ideal buy point would be… 1288 would be good if they are dumb enough to sell there
come on, sell it down….you are wrong…
If we clear 1293 we may make a firm, reversal…in fact i think it is very possible… be careful if that happens…
ok, popped to 1294
If we do reverse here we will have all the charts on the same page…thats why i was a bit concerned here…. we will see..
CAUTION
We have a trend break and possible reversal that could turn into something bigger…not sure yet…caution is in order i believe…. on the other side of the coin, generally on gap trend days, these are usually false signals…
Hmmm… trading sideways…that probably means higher once the sma catches up… not sure…we need to get under 1291.50 with some force to get the longs nervous
I shorted 1292.25 but not sure how long i will keep this
No trade in here as I see things…we have a firm high and a firm low…. avoid the high as i see things
easy money has been made…turn the pc off…get the fishing gear out and go fishing for the weekend…lol
There is one trade here and one trade only, IMO, LONG right here at 1284 with a hard stop below 1282.75…. thats how I see things..
If we clear 1282.75 it doesnt mean it WILL plunge…but a hard spike lower is likely
Hit 1283 on the button, we have to reverse here and now i believe…
As i said, there was ONE trade down there and that was long. That worked. But I am getting more skeptical it will ultimately hold. The force off it was weak, at best. If we get there again, be VERY careful.
If we clear 1282.75 I believe we will eventually go to at least 1278…but key sma’s are not far below. But in general the gap will fill if it clears and that means at least 1278
There seems to be caution, then again it is Friday and lunchtime…
Watch out for a possible reversal near 1288…
hmmmm 1289….
If we clear the high BEFORE 1:30, we should test 1302… but being long up near the high unless that happens is not wise as i see things.
Ughhhh why dont I just listen to myself…the trade is long unless 1282.75 clears…lol…dumbass
Brave people buying up here at 1290….
I shorted 1289.75, if the high clears, then it does…. but thats the only trade up here, as i see things..
I shorted it too early…should have waited until a “new” recent high, which we have now…….so shorted again at 1290.50…
I may get crushed on this….but there is ONLY one trade near 1291-1292 and that is SHORT or leave it alone…why people would buy up there is mind boggling
There is a key sma at 1288 and change…so hard to say if this will work, or not
I flattened at small profit and will wait and see how this plays out a bit…
Its totally stuck here in the 1290 range…wont be any action unless we clear the high or make a new reversal
ughhhhh boringggggg
I shorted again at 1289.25, but may not keep it long…sma’s may hold it - for now..
I “think” we will likely reverse above the low again…well, at least it better…
Other than the open low this thing is one big house of cards…
hmmm I screwed that up…shorted 1289…
I will be lucky to escape this one…I think we may push through the high late..
still not sure where this thing is going to break, but it will break one way or another here, for sure..
yep, that trade was dumb and dumber…
ugh….should have just left the short unless it cleared the high…duh
it keeps trying to hold 1287…
hmmm looks like if we can clear 1290.50 we may make a run at taking out the high… 1287-1287.50 is important, as i see things
it looks like we are ok into the close unless 1287 clears…if that happens….then who knows..