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EDT 13:42 Exactly at the 1/2 way point to the D-target at 1303.50 mentioned above

 

This is THE point 1308.75 where the market may rally and if the target is NOT going to be hit - the bulls need to step up now. This is a good place to scale out.

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New low at 1306.75 is finding buyers. Possible higher Low being put in. See if sellers come back in to test the 1303 lows and see if buyers are willing to support it. Any break down thru 1300 risks blowing the stops. If I traded an account with 100,000 contract capability - I'd be buying some here. (Unless of course I wanted it lower to get filled with the stops at better prices?)

 

Who knows?

 

Market action for me today has been the best this week.

 

Oh yeah... forgot to mention

 

What time did the buyers step in? 14:30 !

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Well this is all news driven and based on the EU summit. They haven't actually agreed any specifics yet but they're making noises about doing something major and pretty soon. Full EU Summit Statement (In All Its Conditional Wishy-Washy Glory) | ZeroHedge

 

If it stays like this for the next hour, we're gonna be opening with a large 20+ point gap. That suggests we could go further. Don't fade BIG gaps. However, a bit of news contrary to what we've been hearing and the market could tumble. I suspect that we'll carry on up but who knows. 1 hour before open and we've nearly hit 500k already and that isn't likely to let up. If it does take off, what are the targets? Well I've highlighted a few in the chart but I would point out it could go much further too. If this statement is seen to be the precursor to "fixing" Europe, it could do anything. On the other hand, it could just be a short term positive with people looking to take some profits when the move up runs out of steam. I honestly don't know. We could also just balance, resting after what has been a big move up since the last 30mins of trading yesterday. It's also Friday and month end today which has the potential to exacerbate any move. We watch, we wait, we see, we pounce. :missy:

 

attachment.php?attachmentid=29658&stc=1&d=1340973576

2012-06-29.thumb.jpg.88a60fede140c6494af10723cba7290a.jpg

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Notice that on the way up, we we doing this kind of stripping of prices:-

 

attachment.php?attachmentid=29659&stc=1&d=1340979969

 

What does that say? Either there's someone willing to take a pretty decent sized short, or people are really wanting to take profits. What does that mean? There could be a pretty decent move lower from here or there could be more fuel for a move higher. Let's see ;)

2012-06-29_2.thumb.jpg.e8dfd41d2a3cdccd1d3743790622b125.jpg

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10:30 EDT Here's my first short based on Neg Vol and structure at 1349.25 . Cautiously holding it down to VWAP? Oh yeah, it's on the half hour too. Scaling at 8 ticks and trailing stop. Doesn't look like it will be more than a scalp. We'll see.

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Btw, I think it's well worth noting that in spite of the gap up, the current range is a mere 7.75 points. That could change at some point if someone comes in and needs to do business or if some news comes out, but it is what it is right now. The rotations are currently pretty small and so to me, trading is not that great.:2c:

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Market reaction is a little more muted than I haad hoped. We are back at the SELL ZONE from June 21st and I expected larger volume to be shorting here. Still early days in the short and I can leave it alone and see what happens.

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Reminds me of a guy (many years ago) when I was in a room who would start the day off buy simultaneously buying the ES and Selling it in a different account. Then he just worried about the exit. In rangebound markets he would do well. Trending days he'd get stopped on 1 and leave the other. He never had to make an entry decision.

 

I tried to tell him he was just paying extra commissions but hey if it works for ya... good on ya.

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