From the monthly archives: January 2012
I still think ES is going to pullback to 1280 in the next few days.
Whenever my casual investor friends bring up Gold, I redirect them to treasuries. It’s funny how everyone is talking about how low mortgage interest rates are and refinancing all day but no one really thinks about investing in treasuries themselves. Treasuries did make a new high following an unexpected dip below the 117’295 uptrend line. [...]
This looks more like the beginning of the pullback that I was expecting in the Euro on Friday. Now given that the Euro has dropped nearly 150 pips already we might get a day of hesitation here but I think the Euro is headed to 1.29 in the next few days overall. But again I’m [...]
ES is backtesting support from the 1373.5 downtrend line and a minor uptrend line. Also I believe 1300-1302 is a strong technical resistance level. So I believe a brief bounce to the 1307-1313 area is likely. Now if this market is truly strong it could bounce here and not look back. It has pulled back [...]
The Euro is poised to pullback today. The Euro may be pausing at the previous swing low, 1.3142. Also the 50 day moving average is also providing resistance around 1.31. From here I’m expecting at least a temporary pullback possibly to the 20 day moving average near 1.29. It has already made a lower low [...]
ES may be finally beginning to pullback. It hasn’t broken any uptrend lines yet so for now we should count on this being a minor pullback. The 1329.75 downtrend line governs the pullback and provides resistance. Yesterday’s 1309.25 low should also act as a resistance level. Support is in the 1299-1301 range highlighted by the [...]
After stating I would get short yesterday, I instead exited my short. The reason being because ES broke above 1681 which I believed it should have not tested again. I know I stated in the past that I would hang on until 1767 and that I would tolerate Gold briefly trading above the 1923.7 downtrend [...]
I know I keep waiting for a pullback. It’s not because I’m hell bent on seeing the market crash but rather because I don’t think chasing a rally like this is a high probability trade. So I am going to continue to defer until the market pulls back. And it could rally all the way [...]
Instead of adding to my short today, I exited my short when Gold broke above 1681. Gold rallied strongly following the Fed statement to avoid raising rates until 2014 and I now think Gold could head to 1760.
The Euro has rallied strongly after breaking the 1.4241 downtrend line but has now dropped pretty far today. As the chart currently stands I don’t see a good trade opportunity one way or the other. I tend to shy away from shorting follow big down days but if I had to guess one way or [...]
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- I swear they ran that up to 1158 just to blow my stop 2011/09/29
- ES is at 1154, moving stop to 1157.75 2011/09/29
- Short ES@1158, stop=1162 2011/09/29
