[patrader]

15m 6B chart

[Dinerotrader]

We'll see how this "3 pushes down" performs at this big support level.

[thalestrader]

Hi Folks,

A family emergency called me away suddenly, but the crisis has passed.

What a day I missed. The first chart I see is crude, and it shows that it has retraced every penny of the February rally.

That is what I call a trend day down!

Best Wishes,

Thales

[patrader]

15m and 240m CL charts

[thalestrader]

I shared this over at Jonbig's blog as well. He observed that both recent lows in crude were 72.42/3 level. ... this is the 240 minute crude, which shows the 72.4x level is likely line in the sand between current levels and much lower crude prices, as not only did it act as suport on 2/1 and this afternoon, but it was the 12/14/09 low as well.



Best Wishes,

Thales

[MidKnight]

Both major and immediate trends are down so any shorts are going to scale-out in 1/4ths. I'd consider it a gift it the market rallied back up to the market R zone, but the market rarely gives me a gift. I'll also be alert for shorts testing the 1.5820/40 area. No significant longs until we probe below that major weekly low of 1.5707. Any longs down there will be scaled out in halves. Anything else outside of those zones must be very obvious and is treated as all in/out with conservative targets.

[thalestrader]

Current view of the US Dollar index shows that the Buck cleared nearby reistance easily. Next stop is the area between 80.40 and 82.00 (I could try to pick a tick, but why bother). I did not trade today other than a small loss on an ES long. My guess, if guesses are allowed, is that the long dollar, long Yen, short the world has a day or two more before a pause. I do think this is looking a lot like 2008 which means, as MK has implied in his recent posts, that 6E(EURUSD) and 6B (GBPUSD) should be viewed as long scalps/short swings.



Best Wishes,

Thales

[thalestrader]

Current view of the 240 minute ES with targets. The target around 1050 almost feels like a given at this point. I'd be more inclined to short a bounce off of it than to buy that bounce (presuming it bounces at all. My favorite target is about 1018.75. Below that is 1007.25, though if 1018.75 fails I'd be looking for 998.50 or so (not shown).



Best Wishes,

Thales