Monday, June 18, 2012

134x done, now what?

SPX closed 1344, ES tagged 1347.5 in AH so I considered my scenario from last post (June 1st)  now achieved.
Media say EU crisis will pull US down as well, while season perspective say summer tend to be bullish in these cases.  I only know the fast moneyfor bulls was made already (80 handles from lows aprox). Now is time for "tricks" , so keep your guard up cause deep "dips" may come any minute IMO.
I cant short this market with full strenght because of time and also political reasons which may drive SPX towards 137x , but I cant support the bullish case with the same conviction I've had from June 1. 
So lets call it "full trader's market" from now on :)
GL




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6 comments:

  1. DarrenDeluxeWed Jun 20, 01:57:00 PM EDT

    Tough read on this FOMC day so here it goes. Looks like we need to cool down a bit, maybe 1330s /es. Not sure, its a countertrend move. Should be one more high early next week, maybe monday? Whatever the case, this is a very dangerous market longterm.

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    1. PataconWed Jun 20, 04:35:00 PM EDT

      today's close is bullish, that is all i know for the ST term, I expect new most recent highsto morrow. Even if i shorted today, i will be covering remaining in any AH weakness.

      FWIW, the real top is not too far away tho, IMO

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  2. DarrenDeluxeThu Jun 21, 08:48:00 PM EDT

    now today's close is bullish. Although the bigger move is to the downside, I expect a big bullish surprise here. I don't like it, but I don't make the market. I like what I'm seeing. They are prepping this market for some wild moves. Liquidity is low, so everything gets magnified. Next week should be the real top. Today was just the dress rehearsal. Your read on keeping trades ST is very good.

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  3. DarrenDeluxeSat Jun 23, 11:37:00 AM EDT

    we're close enough to the time target that this may be done. What's your read? I guess I was expecting something tricky when the evidence is right in front of me. I'm expecting it to just be a matter of days before this gets nasty.

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  4. PataconMon Jun 25, 04:02:00 PM EDT

    1300 area tomorrow is important and I will likely buy if I see the setup. A nice initiation would be a gap up IMO .

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    1. DarrenDeluxeTue Jun 26, 06:27:00 PM EDT

      If we get to 1300 from here, next is lower 1200s in my opinion. They have to keep going straight up or its trouble.

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