YM, ES and DJIA Analysis

[mister ed]

	Quote:	brownsfan019
	or do you take a few pills and hold over the weekend?

Over the weekend eh? Would have to be quite a few pills. I'm still getting used to holding for 5 minutes...

[brownsfan019]

EOD chart looks quite nice for the short.

Very concerned where this closed at however. If still short, have to watch and be careful Tue and Wed going into the holiday.

[mister ed]

	Quote:	brownsfan019
	Very concerned where this closed at however. If still short, have to watch and be careful Tue and Wed going into the holiday.

BF, it has closed nearly on its lows, which is positive for shorts - is your concern the red dotted support you have drawn in?

[james_gsx]

Mister Ed, a lot of people don't like to hold positions when they go out for a holiday. Let's say they leave tomorrow and go on vacation, they won't want the risk of an open position in this unstable market. So a lot of people will sell or cover their shorts and go into cash before they leave. Also a lot of guys will see the market is at support, and since they plan on taking a few days off they will cover and be happy with the trade.

Personally I would have covered the short at the close Friday and taken this entire week off. This is great time to go over your trading and analyze yourself so you're fresh and have new goals to tackle come next week. That's my opinion at least. I also wouldn't be surprised if we get a little Santa Clause rally going into Christmas

[brownsfan019]

	Quote:	mister ed
	BF, it has closed nearly on its lows, which is positive for shorts - is your concern the red dotted support you have drawn in?

Yes, good observation.

The 1440 level has been respected numerous times, ala red line on my chart. I'm not suggesting to exit a short right now, but I would be very cautious knowing:

1) The 1440 level can easily hold here and/or
2) Thanksgiving is on Thurs and with that around the corner, I would be cautious holding into or over the holiday.

Last price in after hours is 1443, so it will be interesting to see what, if anything, happens when Europe opens in a few hours. I'll have to wait till the morning as it's off to bed here.

[mister ed]

	Quote:	brownsfan019
	Yes, good observation.

Note to self - engage brain before pressing "enter"

[Nick1984]

This is the second time its coming down to test that level. Each attempt should make it stronger so maybe it might break to the low side. If your tempted to go long at 1440 then there is resistance not to far above it so its a pretty aggressive move. I'd sit on my hands for now and watch to see what happens.

[brownsfan019]

Current price in AH: 1450.00. Already up 10 pts from the 1440 level.

Once again, the 1440 level has held into the AH session.

Nick is right, the more attempts at trying to breaken the level make it weaker, but so far, it's held again. I think James hit the nail on the head though when he explained most shorts would be exited soon b/c of the holiday. That in turn will add some buying pressure to the already bullish stance at 1440.

Depending on how today forms, we could get a reason to get long.

[TinGull]

Though I'm not holding a futures position on the spx, I still am holding my options positions on the indices over the holiday weekend. I'm way in the clear on a couple of the positions, so just let 'em ride the rest of the way out till DEC expiry. Has been a sweet ride, tho.

[brownsfan019]

As of 2:30pm, ES at 1423 and testing new lows. Great news for the short if we can stay down around here and close lower.

So, anyone by chance making money on this?




There is some SERIOUS money being called out on this one thread. Go back and read through some of the older posts... a YM long comes to mind that did very well too.

A newbie could read this one thread and have made money. More than what any of those vendors are trying to sell you.