Morning Call: Futures Up, Long All CheckDowns Early Should Be Play
August 22, 2008 9:03 AM
We should not exceed low to mid 1270’s today if the trend is going to hold. Today is the third leg of a positive move and those days almost always continue higher. Unfortunately they aren’t going to make it that easy. 30 mins before the open we are at about 1286. Here is the cautgion for the day - If we get pressure, it will either come at the open (open sold) or come late in the day. If this gap open is sold, then it could present trouble. More likely a drop will bounce early.
They were just saying on CNBC that Buffett said stocks are a better value today than last year, and that helped lift the futuresbla bla bla. It is nonsense. Th reason we are up on the futures as traders see what i see. We have a firm low (for now) and a trend higher - for today. Period.
Today is an important day as we HAVE to close above the open according to my philosophy. Therfore, be careful into the close on reversals, if we get one. There are no economic releases so oil may be a key today although it was completely ignored yesterday.
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Trend day long as i see things… we should close at or near the high I believe..
Bernanke made some comments about bank problems, failures, etc etc…its trying to reverse off the new high… but todays low is key…that HAS to hold or the gap will fill and we may be in trouble if that happens
We made a firm high off 1293.75, thus far…. there is no trade here in the 1290 range, as i see things…that “could” be todays high, not sure. If we clear todays low, especially into the close…I expect BIG problems
what a knucklhead, i should have kept the short, i covered it at 1290
If we get to 1285 or so, long, hard stop at todays low, IMO
We have to close out 11:30 above 1292 or this looks like we may have seen todays high…and it could also cause bigger issues late in the day..
This is looking more and more like todays high
The btter trade is to buy if we spike lower…chasing up top is risky, as i see things..
hmmmmm not sure where to try and be long here…obviously as close to the low as possible…be aware that if the low clears, I believe the market is likely in trouble
I dont think we will get a reversal low until after 11:45
If we are going to reverse and hold the low, it should come in this 1286 area..
yep…spiked up off 1286.50
hmmm if we cant hold this 1286.50 then there may be a bit of panic….not sure
hmmm not a huge fan of the action, not sure, thought we might get a more forceful move off that…not happening thus far..
looks like if we are going to reverse, it is going to be after 11:00, apparently
ok, spiked a bit at the last second…weak move…
Ok, if we are going to hold… we HAVE to reverse in here…
If we cannot hold the open low, a market plunge is not impossible…
We have a firm high and firm low (the open) if we get below that i think we are in BIG trouble is my guess…