The Nasdaq is breaking new high and the Russell and is not even close to new highs. We posted this weekly chart a week ago...is this a clue?
Tech is defying gravity. The Nasdaq broke new highs today while the Russell and S&P lag. The question begs...will the the other indexes catch up or drag the Nasdaq down? No shorting for us in these areas. We will see if we can get a break and close below the up channel (or green line around 4675)
What does this book tell us? Just saying! Time will tell.
We are still looking for pullbacks on the $NQ. For that matter you look to the $ES and the $RJ for the same. However, we like the $NQ and will look for the Trigger Zone to get long. The market is in dire need of the pullback and hopefully will give us the opportunity. We WILL NOTE chase at the thee levels. Be patient...the players that be are hell bent on...
We will be looking for any type of pullback in NQ this week. It is clear to us that she wants to test the all time highs and with Apple reporting earnings on Tuesday after the bell it could happen sooner than later. WAIT FOR A PULLBACK...don't chase at these levels. We may not be able to get on board and that is trading. So we will wait to see what Monday and...
We will be looking for a long entry on the E-mini S&P in the trigger zone. We could get a nice move off the trigger zone. However, we will keep a tight leash on this. Earnings have been dismal at best which may place pressure back on the the market. Remember: NO TRIGGER - NO TRADE!
The Indexes continue to sell and are in need a of a rest or snap back. We WILL BE HOLLDING OFF on shorting bounces. Rallies can be violent so we will wait to see how far we bounce. There are plenty of good opportunities setting up in GC, E6 and CL. No need to force a trade. Patience pays!
We have covered the last leg of our NQ trade. It was a solid trade. Understand that when markets are selling off the snap back rallies can be violent and quick. Today's afternoon rally was enough for us to cover per our plan. For now we will watch the NQ, ES and TF for more opportunity. Trade well.
As we creep closer to our second target we are pulling stops to Break Even plus 10 to lock the trade in. We are fairly confident we will see target number 2 early in the session today. Regardless, we want to manage the trade properly. Yo never know when the PPT will swoop in to save the market. ;) Trade well!
We are short the Nasdaq from our post last night. We have set out stops and trigger. While this chart doesn't show it we hit our first target. We will leave stops in the same place and see if we can get Target #2. Stay Tuned
No further trades popped up this last week in the Nasdaq and we are 3 trading days away from FOMC. Aunt Janet will make the market move but it's a crap shoot as to which way. There is plenty of speculation surrounding the rate decision but do not get wound up in it. We will sit on the sides lines and see how the market closes after the announcement. Expect...
The $NQ kissed major resistance today and sold off hard. This paints a few pictures. 1st, if we get a close above the resistance area we could see the bulls come alive. 2nd, we should test the lower flag area. 3rd, as we approach the FOMC announcement next Thursday (17th) the market could lose it's memory from day to day and get choppy. For now we are selling...
The $ES is looking weak. The bounces have been feeble and with low volume. What started as a wedge has evolved into a flag and this points to lower prices. We WILL NOT take the break of the flag. We will wait for the break and look for pullbacks on a smaller time frame (60 min) to trigger us short. NO TRIGGER, NO TRADE!
Ok...we are not perfect and make mistakes. Price touched our trigger zone and we failed to get short. Bummer! We like to see price get into the zone...but its not a hard fast rule. It would have been a great trade. However, we are now back into the flag range which confirms a failed breakout. We will look to get short on any moves to the upside. ...
The market is continuing her move to the downside. This is why we "WILL NOT ESTABLISH A POSITION ON FRIDAY". We will be watching the Emini and other Indexes for a reversal from the support area on Monday. We WILL NOT enter a trade without a trigger. Knife catching will kill your account. It is not recommended. Be patient!!!
The market is technically broken. Today's sell off on volume did some much needed damage. It was good to see this. The market needs a pullback. We don't think we are done to the downside. However we are expecting a bounce at these levels. We will watch it closely Friday. WE WILL NOT establish any positions on Friday on the Indexes. We will wait for Monday....