This is how I'm reading those rectangles:
Green: Result of a failed double bottom ie. bulls bailing
Red: Bears puking
Blue: OBAMA!!
Grey: "What Now??"
As far as today is concerned, I'm not too pessimistic. Pre-market trading is probably going to continue to go sideways in the range of 1245 - 1270.
I'm taking the view that market's going to find support at around 1245 - 1252, and that if it hits 1290 and STAY up, and the broader market and energy sector were to show the same trend, then it's time to SELL that lousy energy stock that D's mum's relative had convinced her to buy. Can't sell it now coz the size she's holding is equivalent to the equity's one day volume. A rally is needed for us to get rid of it bit by bit.
I'm really not a bear now, but I'm not bullish either. As much as I like the US president elect, wall street doesn't, and for valid reasons. But those who take a slightly longer perspective will appreciate that a suffering middle class and economy will not serve anyone well in the long run.
Wall street blood suckers will have to be weaned prematurely off blood though.
If NQ doesn't break above 1295 before 10am EST, It's likely going to do something like yesterday: all over the place in the first half of the trading session, and plunge in the second.
Well, that's my view.
Which got me thinking: what on earth am I doing this for since I'm just going to tape read??
Well, maybe I won't tape read today.
This whole following the price going up and down and tick by tick is really killing my eyes and my brain cells.
I am going to go along with Lord Tedder and D's observation that I do DO BETTER when I'm selective with my entries and only strike when I see MY setup.
At 6:19am EST:
NQ 13min
Encouraging.
D's going to swing 1 long contract if NQ bounce off trendline.
Green: Result of a failed double bottom ie. bulls bailing
Red: Bears puking
Blue: OBAMA!!
Grey: "What Now??"
As far as today is concerned, I'm not too pessimistic. Pre-market trading is probably going to continue to go sideways in the range of 1245 - 1270.
I'm taking the view that market's going to find support at around 1245 - 1252, and that if it hits 1290 and STAY up, and the broader market and energy sector were to show the same trend, then it's time to SELL that lousy energy stock that D's mum's relative had convinced her to buy. Can't sell it now coz the size she's holding is equivalent to the equity's one day volume. A rally is needed for us to get rid of it bit by bit.
I'm really not a bear now, but I'm not bullish either. As much as I like the US president elect, wall street doesn't, and for valid reasons. But those who take a slightly longer perspective will appreciate that a suffering middle class and economy will not serve anyone well in the long run.
Wall street blood suckers will have to be weaned prematurely off blood though.
If NQ doesn't break above 1295 before 10am EST, It's likely going to do something like yesterday: all over the place in the first half of the trading session, and plunge in the second.
Well, that's my view.
Which got me thinking: what on earth am I doing this for since I'm just going to tape read??
Well, maybe I won't tape read today.
This whole following the price going up and down and tick by tick is really killing my eyes and my brain cells.
I am going to go along with Lord Tedder and D's observation that I do DO BETTER when I'm selective with my entries and only strike when I see MY setup.
At 6:19am EST:
NQ 13min
Encouraging.
D's going to swing 1 long contract if NQ bounce off trendline.
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