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Small short Dow at 26000
This guards against an S4H abnormal when the market
falls almost from the open.
Also we have wednesday’s S3L where the late ‘l’ is
not normal and may not have been sealed.So we have two STD options, both looking down.
Never give up, never surrender.
Small short Dow 26200
My plan is we do get the early cash drop or even dip
but whatever happens it’s going to be fun later !Never give up, never surrender.
Dow futs hit 26250 … spx futs 2910
Euroland caused the pop after a small drop.
Fireworks from the get go !
Never give up, never surrender.
Small short Dow 26200
My plan is we do get the early cash drop or even dip
but whatever happens it’s going to be fun later !Closed at 26150 … take the quick 50pts
Keep the 26000
Never give up, never surrender.
Small short Dow at 26200
Same plan to take 50pts and repeat and repeat
but I will not clog the kpad with my trades.Never give up, never surrender.
This sharp upwards move in the futures has taken the markets above my target levels of Dow 26150 and SPX 2893. Clearly a lot can happen between now and RTH but if they stay near these levels then ‘something else is going on’.
Yes we need Dow cash to tell the real story.
There are still prices that Dow futures hit which
cash has not gone near.Different markets yet there is a link which can
be of use when trading in smaller trade size.Never give up, never surrender.
To me the question is can the Dow consolidate and
then have another lurch higher towards 26400 on
or near this friday.That price is my line in the sand and with the tendency
to under shoot then over shoot around potential cits
it’s only above 26500 will I give up on the ‘h’ in
this time window.Never give up, never surrender.
In a note on ZeroHedge the Nomura team have pointed out that CTAs, Dealers and Hedge Funds have breakeven longs in the 2923 spx area. That’s just about where I see the potential triangle ending. Quite possible the dealers will find an excuse to take the market up to that area so they can exit their long positions and switch to short. No guarantee of course but worth watching for.
If spx cash goes with the futures then they may get their spx 2923 … soon.
Never give up, never surrender.
Small short Dow at 26270 ( x 3 )
They are my only open positions now having traded many
times today, using profits to buy out the 26000.I am happy with these current positions and may take
the rest of the week off to let the cash market
find it’s own level. As we have Labor Day next
monday I could be off until tuesday.I will talk in the September thread … a richer
or poorer trader but I hope to be wiser !Never give up, never surrender.
DOW: well all that detailed work I did yesterday morning arguing that ‘wave B down might not be complete’ was well and truly scuppered by the strong rally. so I went back to the beginning of this sideways movement from the first low at 25350/450 and ‘discovered’ that the strange ‘3 up 3 down’ we saw a couple of days ago was very likely the end of a triangle pointing upwards.
We got a first low from the top down to 25350/450 followed by abcde which ended at 25650 (see chart). That completed wave ‘B’. Now we are heading north in wave ‘C’ which has a five wave structure and targets 26625/50.
DOW: I’m showing the ABC rally with central triangle on this daily chart. Interestingly (and probably not coincidence) the ‘C’ wave target of 26625/50 coincides with a 0.618 retrace of the entire drop at 26640. So it looks like that is where it wants to go.
DOW: if this is a five I have the 26500/26550 area as a potential top for W3 followed by a drop to around 26250 for W4.
Dow and SPX futures have entered the area where I consider W3 might complete. I am short for a drop to the 26250 area.
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