Wednesday thoughts

The 1065 Es short was greeted with a nice +20 point drop this morning. I had some emails from a ton of you that took the profits. Great trade as it seems to be the usual drill into the end of the month/quarter as I talked about yesterday where they just don't make it easy to hold short.

I took some profits this morning on the big drop, but still remain modestly short.
I've also added a short today on the USO( Oil index) @ 36.30.
Also shorted the SPY today @ 106 .25.

Lets see what these entries give us. Cheers!

Tuesday Entry 1065

Mondays tape was too strong with what looked like the lightest volume of the year. Today's gap 1065.75 area is an excellent risk reward to back the size on the short swing.
Good luck and lets see if we can have a continuation of this correction. I can say though that the end of month/quarter games the fund managers are going to play with not make it a clean steady decline. Good Luck!

Update : Nice close today up about 12 points already from our 1065 short. Lets see how the trade goes off the economic news out before the bell Wednesday morning. Continuation with some volume to the downside is what we want to see from here.

Took some ES off @ 1040 area + 35

Took some profits at the 1040 area and will look to re short with more size again on a retrace bounce. I still have 2/3 position short but have to be discipline and take some off after a 35-40 point ES drop. I was fully expecting a bounce to the 1050 area today and probable a sideways , slightly up today as Fridays tend to be light volume after the first 2 hours of trading. Great week gang and look forward to next week!

There is 1080 float up

There is the float up to 1080 SPX...good for a scalp at least on ES @ 1075 entry.

Update: This is a fantastic reaction to our entry! up hugely on our final short entry of 1075 and also accumulated earlier last week at the 1062. Full position short!

More later with some chart analysis...Cheers!

Float up to 1080 maybe.....

Lets see the close today

Amazing the saving the powers that be are doing in this market. Looking at alot of stocks that are on key supports. Take a look at JPM and GS...there trying to break down but this light volume is holding up everything. At some point they will make the decision to sell off, but until some size and momentum takes hold we have to stay patient and in worst case scenario take profits as they come and look to next area 1080.

On Hold for now

We are positioned well for the expected decline. Fridays have turned into the lightest days in terms of volume. There good for the first hour or two and it absolutely dies. I'm confident we will see some downside from here, but it may have to wait til Monday. Have a great weekend!

Were right here, just waiting......

Just scanning our beloved SPX index and just noticed a few things...Looking at the monthly chart we just hit the 20 ma ( 1068) today at the close. Also we have 10 up days from a pivot low made at the beginning of September. If that's not enough I talked about the need to complete the 1050-70 area for a melt up exhaustion type trade into the middle of September. I have put my money on the short side with an entry at the 1062 area. I feel great that we are here and have a great chance of correcting from here.

Add ES short 1062

Added a little more here at 1062. This is a very good resistance area. Watch the afternoon and end of day as this is whipsaw Wednesday before Fridays option expiry. Know for reversals.

Shorted a little @ 1050

Inching back in again at the big 1050 area...we either decline right away or its 1060-70 for the final positioning.

Alert...just watching the DEC contract hit the 1050 area and was immediately smacked down. Need a close below 1050 for a second day to confirm selling beginning.

TOP is Tuesday IMHO

I truly believe the top for this run for the time being is Tuesday. We either march a little higher where I will add or we roll over right away. Bottom line ...Get ready to short!

Low of 1030 so far

Took some contracts off of our ES 1046 short at the opening 1036 area for +10 points. Today Obama is in New York ( actually in front of the Exchange) so there is no way of a decline today. Take your profits and well add higher.

Shorted ES @ 1046

Sorry for the late post , my Internet was lost about 2 minutes after this entry...thank God it went in our favour. Lets see whats in store on this one. I'm taking a third off if we decline into the 1038-36 area, just in case next week they pop higher into the 1055-70 range.

Short ES @1042

Little day trade scalp here.


update..well a quick decline into the 1038 area for the scalp and the buy program bombs go off in the final 30 minutes. Some of you i know too the gains as I did and will sit back now with our goal of adding again at the 1050-60 area.

Welcome Back

Well nice collapse earlier last week as the 1026 area short worked well. I know a lot of you took profits as we held the 990 area. Most of us took the + 30-35 point profits on some of our key short swing position and as posted will add back in into the 1050-60 area. More later as the day gets going and the volume picks up this week. Cheers!

In some ES again @ 1026

Putting on more size again here @ 1026 entry area again...Wash... rinse ....repeat. Again leave room for 1050-60 if it happens to go and squeeze.

Edit...We'll glad we entered the 1026, What a sell off! Goes to show you never know when the turns will come. Congrats to all that nailed this one! I'm holding this position till indicators say cover some.

Notice the 10-15 points agian

Once again the ES drops to the 10-15 point profit range from our 1026 entry . This mornings low was 1010.75. I took profits at today's open + 12 and waiting on this rally possible into the 1050-60 area to re short. I have a 1/3 position left short if we reverse but expecting a higher high to finish off this up move. Cheers! ...and good luck!