Volatility Games

10:31am EDT: Seems like market makers are playing some nasty volatility games with our long term puts – observe:

I still think that kind of drop is excessive, especially since the VIX was around 26 when I bought those, but alright – I’ll quit bitching about it now. BTW, if you bought calls at the bottom to play this thing up you just got hosed, which is why I never do that. You could sell some front or near month puts against the ones you’re holding and I think this will be a good strategy going forward. I’d actually like for Fujisan to chime in on that very subject later this week as it’ll be an important exercise for all of us in the coming months.

BTW, regarding those bullshit U3 numbers – nothing really has changed and U6 at 16.8 will come back to haunt them later this year. It doesn’t matter if you are being counted or not – you’re still not getting into a mortgage and you’re not buying anything if you’re busy not getting kicked out of your apartment.

For what it’s worth, disqus completely sucks and the guy running it has seemingly adopted a ‘works for me’ attitude – which are the three deadly words in software engineering. Time to start looking for an alternative solution – I’m open to suggestions or inquiries by the competition. Had it with those constant outages…

Okay, I think I had my fill of bitching and will go back to bed now – not worth watching this tape.

This entry was posted on Friday, September 4th, 2009 at 10:41 am and is filed under Elliott Wave Theory, Intraday Update. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  • Douala
    ..
  • Vardoger
    Rejecting the 50% retrace from last Friday's high at 1015, for now
  • LDanil
    If it goes thru 1017 I will cover my bearish spread
  • Keirsten
    Watching 102.03/resistance. HOD 102.05 so far
  • I think we are VERY close to the top of wave 2. We have fib cluster at 1016, the 50% retrace from the very top is at 1015 and, if you mark all this from 991 yesterday morn as c of wave 2, then 261.8% of a is at... 1016.
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    ¸„ø¤º°¨ P O S T ``°º¤ø„¸
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  • my original 3/5 size spy puts order just filled at 1.12
    full position now
  • edgetraderplus
    es appears to be absorbing up here to go higher. No signs of sellers, no reason to be short.
  • LegendC
    There is the tag, die now
  • Coldwarvet
    We are repeating the pattern from Aug. 17-20, so I expect a new HOY next week. Perhaps it will be safe to buy puts then - had an order for some Octs. and cancelled it, as I don't have confidence this will exhaust itself by then.
    I think I'll turn everything off and buy puts in a month or two.
    Wish I'd had the sack to go long on this last dip, but everyone seemed to be crying doom. lol.
    This thing will exhaust itself when it's ready to, which might not be until S and P 1200, for all I know.
    Hate to bitch and moan, but whatever happened to traders being afraid to go into a long weekend with long positions? The opposite has now become the norm.
    There's another spike. We may regain 1015 and the 38.2 - close over and the sky's the limit, folks.
    Unreal.
  • LegendC
    still a lot of day left
  • Joe8888
    update 10 min SPY Chart ,,,,20 ma hit...did not happen yet,, it will before the close

    http://www.screencast.com/users/chartwiz/folders/Jing/media/123bda1a-7db0-475c-b47d-cab3454e6466
  • dynamo
    Gunning for 1020 now - we seem to be consolidating right under this significant resistance level rather than being immediately turned away, so I'm still holding onto my Oct 102 calls but watching the tape - anything can happen though with the GS crew so I may drop them at any point

    - just bought more LT QQQQ 30 Mar 10 puts @ .62 -the premiums seem to have been affected less by recent MM premium shenanigans ? Any thoughts on this?
  • I think the market can go higher than 1050 & I'd love it to. What a place to short from!

    I just think it is more likely to drop. Might have to reconsider that one though.

    We seem to be playing out David's scenario perfectly though & we are still in Fujisan's. If we close at the HOW over 1025 then we are going higher I suspect.

    If we close here we're just putting in another weekly doji.
  • dynamo
    Absolutely, let it rip up SHJack, the higher it goes, the faster it will fall and the higher our option premiums will go as equities fall and the VIX breaks out big time- Mole is absolutely right re. taking advantage of every rip and it being worthwhile enduring a little discomfort - !

    Perhaps it's the way I'm wired, but, even though profits can be smaller, I find it more comfortable to keep a portion of my portfolio to play the rips up between key levels rather than committing completely to puts (even though, like you I am a medium term bear) and feeling powerless to do anything as it turns against me. Timing is very tricky and risky though and hard work! Not great R/R admittedly!

    Tough call right now before the long weekend but I will probably be selling half of my Oct calls as planned if/when we approach 1020 and buying some Dec puts with profits or keeping the cash for next week.

    Good luck!
    Cheers
  • Bad week for Disqus, though I still like it most weeks.
  • ACJ
    Discus is great when it works, just like Elliott Wave LOL!
  • gannsecret
    Hey Kamal_1
    I think we 2 are the only ones who think the market
    can go higher. My target 1066 on the 17th
  • dollar
    The government may take measures to stabilize the market before the 60th anniversary of the founding of the People’s Republic of China on Oct. 1, the start of a weeklong holiday. “They want everything to be stable and in harmony,” said Francis Lun, general manager of Fulbright Securities Ltd., in an interview with Bloomberg Television today. “They will approve more stock market funds and allow them to buy into the market.”

  • Vardoger
    POMO on Tuesday raises caution but the last two have sold the market off, I think last one was what- 17B offered, 5B accepted? Still think Ben needs to crash equities. China has made it glaringly obvious that is does not tolerate quantitative easing/ lying. Bond market is the only one that really matters IMVHO.
  • dollar
    see above on China
  • GreenBear
    My Iphone app iStockMnger for TDAmeritrade keeps flashing DJIX 0.00 -9344.61.....oh how I almost wish.
  • The_Grim_Reaper
    The market should make new highs by the end of September. The bradley model that seems to be fairly accurate with a lag applied, predicts a top sometimes towards the end of this quarter or the beginning of next in early October. I'm not committing my money for long term short positions until then.

    I contend that all primary waves are built upon a motive or theme. P2 was playing on the motive of bank "profits" and second derivative improvements. Just as the last bull market was based on a housing boom, and then started to fall on the housing bust, I expect P3 to begin on bank losses or second derivative declines. I also believe Q3 earnings will be horrific for banks, so early next quarter is a very sensible time to start shorting.

    I love symmetry. So does nature.
  • marketmaker
    That was deep, and yet at the same time, sounded like so much common sense.

    I hope you're right, as it'll allow everyone more time to load up on puts.
  • Vardoger
    Bradley's are 9/14-9/15, 10/22-10/13.
  • wow im taking a serious paper drawdown on my puts. And the call side of my october strangle has sucked
  • I keep telling you guys to stay away from strangles/straddles...
  • Count_de_Monee
    Bought some more SPY DEC 80 puts and now I'm switching off.

    Have a good weekend everyone.
  • Same here - have more stingy bids in - hope they get filled.
  • Fujisan
    This is what I posted on Wednesday. Look how the current market is behaving compared to the previous shoulder. It's astoundingly similar.

    http://content.screencast.com/users/Fuji-san/folders/Jing/media/b5e5e4d6-f59f-4d97-9c49-89170739b443/SPX_ST_Roadmap.png


  • trabuco
    you are amazing..but I guess you already knew that....
  • And my charts are shit? ;-)
  • trabuco
    nice charts, ugly legs...
  • they lack yellow :)
  • cramar
    Love your charts Fujisan. Lovely! Very...well, zen like is the best way I can describe them.

    You know what they say about H&S formations. You don't really know for sure until after the fact. For every potential H&S, I wonder how many failures?
  • Kemal_1
    Thanks for the chart, Fuji.

    It may look compelling on the surface. But please have a look under the hood. One of the leaders in this market has been the BKX banking index. The Sto is fairly low and just turning....

    http://tinyurl.com/nrk984

  • isaiah64v4
    Kemal

    You are one smart trader. Your trading plans always seem to be well thought out. Thanks for coming back.
  • thanks for the charts. how do you explain the huge positive divergence on the 60 min UUP?
  • Kemal_1
    Divergences can show up for a really long time and not materialize. For example, oil had positive divergences for WEEKS (from November 2008 to January 2009) before bottoming in January.

    So ultimately, the divergences will pan out, but probably not right now.
  • marketmaker
    I was just going to post the following:

    Excellent analysis, but doesn't this conflict with what Kemal wrote below?

    No offense to anyone, but this is why(for better or for worse) I follow my own system.

    :-)
  • Kemal_1
    I certainly can support that. Follow your system and try to improve it constantly.

  • Vardoger
    For better. ALWAYS
  • chilling
    Great!
  • Vardoger
    I think I'm in love with you
  • isaiah64v4
    You may want to change your avatar next time you say that. Somehow the two just don't ...you know...seem appropriate for a family oriented blog. ;-)
  • GreenBear
    Get in line~ =P
  • Vardoger
    Looking at the weekly, if we close above 1014 I have to cover. What do think about the candle Keirsten? Some indexes look like gravestones, some hammer?


    BAC looks like a good short
  • elliott update: looking like abc-x-abc. fib cluster @ ES 1016, weakening internals.
  • marketmaker
    According to TOS Charts, TRIN has been trending upwards almost all day.

    Divergence?
  • Kemal_1
    Here are the promised EUR/USD charts. Before my vacation, I posted the following chart, depicting a wedge like leading diagonal in EUR/USD. The same formation is also present in $USD, DXY.

    http://tinyurl.com/p6x9ut

    3 weeks later, the leading diagonal in the a wave position was complemented by a b leg retracing around 55% and the first two waves of the c leg:

    http://tinyurl.com/l849f2

    The short term view shows that the first wave of iii just started a few minutes ago. It has all the characteristics expected for a subwave for iii. Expect a subwave 2 retracement before 3 of 3 takes place.

    http://tinyurl.com/nnkdft

    I am fairly confident that SPX 1070 - 1080 range can be reached in September. I also expect a continued rally in gold, which should soon be joined by oil and other commodities. Oil should reach $83 - 85 per barrel, also in September. Oil tightly follows the stock market and, to a lesser extent, EUR/USD.

  • gannsecret
    I think we 2 are the only ones who think the market
    can go higher. My target 1066 on the 17th
  • Vardoger
    Scotty- I saw your post on slope today and I just wanted to tell you that I always respect and appreciate your analysis. I too see the 18th as an important date based on the 38.2% time retracement and the fact that it is triple witching. 1066ish is also the 20-month moving average and the mid-bollinger on the monthly chart. Gann work has long fascinated me although I haven't been able to absorb it quite yet. Thank you, I look forward to sharing ideas although I have to say my calls aren't nearly as good as yours. I am blown away at how far price has come. Also, what makes you think the downside correction will only last through November, do you have a target? Will price and time square or something?

    -Kevin
  • thanks man.
    u confirmed my thoughts on eu, spx and metals. i will leave oil alone. :D
  • fuw
    Nice charts. I've also come up with something similar, but from a different viewpoint (triangle and trend). No EWT counting for me (yet). See below for charts.
  • Kemal_1
    Good analysis, nice charts. Just had a look. There are always several ways to a conclusion.

    Break of 1.4380 - 1.44 area should really fire up EUR.

  • grednfer
    With the SPX at the top of range(-1), 1015 and VIX at support, 25.05......this is where you want to buy puts.......I certainly am not selling them here.

    Good place to short ES too.
  • grednfer
    BUT....and there's always a but....the SPX needs to close below 1010 today to stay in the downtrend....and they know it.

    My Sept 950/1050 straddle seems to have bottomed here at .65 cents......, sold for $1.1 three days ago.

    What do you guys think about 930/1080 for Oct.....It just needs to close in that range.....of course I need more VIX before I sell more......

    I ask because I don't count waves, I would like to learn, but until then I work off probability.
  • Vardoger
    XLF relatively weak. If it really catches a bid I'll reconsider being very short :)

    Or TNX above 34.6
  • GreenBear
    Market is basically flat for the week...simply amazing!
  • LegendC
    Bought some SPY puts at 101.84
  • Joe8888
  • We might even go with Moles blue scenario, so I am almost completely out for now. No point in standing under falling knives
  • AudioTactics
    Green could still be in play right?

    Or do you see something I don't?
  • oh sure Audio, it could be, but I am out with exception of a couple of small (very small) positions, they want the tape to be so nice and green for Obama's Wednesday night speech on Healthcare and the POMO is scheduled for Tuesday (hmmmm timing seems suspect)
  • http://screencast.com/t/NzKi1wZyozV

    This is the end of week stop sweep and bull trap I postulated last week.
    This is not quite equal to the left shoulder of the "new H&S" that may be forming.

    After everyones stops are swept...then perfect for a big drop over the long weekend....
  • Trader_Steve
    It's becoming clear that Prechter's, and other's, count is wrong. Using simple logic, if P3 has started then wave "v" of 1 should have declined 6-10 more points yeesterday and it double bottomed. And if this is wave "ii" it has far too much "zest" to it when the trend has supposedly changed.

    I think we keep underestimating that like China, this government can't afford to let the bubble break.

    No....no PPT team....the market is trading freely. That I have never seen this in 30 years of trading is just one of those silly little outliers.

    Steve
  • DoubleNaughtSpy
    The PPT couldn't stop the drop from DOW 14000 to 6500, so I don't think they have the power to stop the next drop. Read the latest free Elliot Wave Theorist from July to truly get a sense of the magnitude of how screwed we are. I am totally confident in my shorts and sleeping like a baby at night. I continue debating what nation to move to before this is over.
  • Babies don't sleep that well....just saying :-)
  • bought a small mountain of GE Sep 15 calls this morning, they were dirt cheap at .05/ea and I expect them to expire worthless but I like the setup for this lottery play.
  • watch for retest of 1014, before jumping into shorts. then see what the price action tells you
  • CaptainAnarchy
    Though it varies in its exact timing - I've noticed there is almost always a strong down move on or immediately before POMO days. Most gap down from the previous day's close. But even those which do not have a sizable slump at some point before the ramp. Take a look at an hourly chart and label the pomo days.
  • Vardoger
    Dollar looks completely jacked. I'm going to spread or lighten up if she cracks more. looks rather impulsive

  • DesertEagle
    If I were a marketmaker, how would I manipulate vol?
  • rhae
    trade back and forth to your buddy market makers, really does nothing for price, but it does wonders for volume... and looks wonderful to greenhorns
  • Vardoger
    WTF. Fell back asleep and woke up to 1013 and about 10 extreme sell ticks. Shorted the fuck out it! Let's hope the bulls can't walk it up over the fib on light volume this afternoon...

    Futures market schedule:
    18:00 Sunday 6sep09 - futures reopen
    11:30 Monday 7sep09 - futures close
    18:00 Monday 7sep09 - futures reopen, normal schedule resumes
  • derekste
    anyone going short on the SPY at these levels?

    I sold my 100 oct calls at a small loss earlier today when we were flirting qith 101... which I had held out a bit longer!
  • rhae
    SPY 10m will the 60m strong line be the capper? I am watching the time series forecast on the price chart for confirmation, at least for hope, lol...
    http://screencast.com/t/z5AfoobH
  • Cerebro82
    Shorted /ES and /NQ. NOW MARKET BEHAVE!!!!
  • bboplive
    Markets close at 1 pm today?
  • nope 4pm EST
  • thelefteyeguy
    wow...during the beg of lunch on a Friday...oh please...
  • edgetraderplus
    1015 next stronger resistance, = broken support from 21 August - 1 September TR, and
    swing high of 7 August. HOw market reponds will determine if shorts are in control...
  • edgetraderplus
    Of greater interest is the fact that August was such a small range month, topping off the rally.
    Indicates buyers unable to extend higher when they had total control and opportunity.

    re Lordted post below...
  • 1014.73 key retracement level! i said this morning, those were my two retracement targets (1007, 1014) or close to those numbers.
  • kids are not listening
  • nope, I am out of almost all puts since 1007. re-enter better spot
  • AS2009
    What puts are you looking to buy Anna ...

    At 1015 ? or you think we can go higher too - EOD is far away ...
  • I am waiting for retest of 1014, to see what the price action is but will look to reload Oct. 100's
  • no Sep gamble for you? :)
  • dynamo
    Sold all Sep 100 calls for 2.64 (bought at 2.03), still holding Oct 102s
  • Good trade Mac!
  • dynamo
    Thanks, just picked up some Oct SPY 98 puts @ 2.04 for next week, just a few for now, hopefully I'll get to add :)
  • Look for the 1014-1015 area Mac to reload puts
  • gmak
    Wow. What a move up in SPX on almost no volume. Guess the DXY dump was a harbinger after all.
  • fuw
    In my mind the euro/usd isn't really going anywhere yet, but it has been a great swing trade lately. I put most emphasis on the horizontal green levels, since this is what we've been bouncing between the last couple of weeks (also 1.405 not shown here).

    http://www.screencast.com/t/5DBnZF1kO2

    long term:
    http://www.screencast.com/t/vkvngLsphd

    We seem to be in a triangle, and even if I want this to break down and by bias is for the dollar to have found a bottom, the triangle and longer trend implies a break to the upside.

    edit:
    damn, nice spike!
  • Lordted
    Interesting chart on Stocktiming.com http://www.stocktiming.com/Friday-DailyMarketUpdate.htm

    They see it as the first big resistance since March rally started.

    It's nothing special but interesting
  • thunda72
    Looking to exit my calls @ 101.55.
  • Lordted
    Couldn't log in earlier so here goes.

  • anthem
    wow, look at the USD taking it up the. . . . .
  • that was iii of v of c in my count (possibly v of v), the $ is very, very close to a significant rally i believe
  • dynamo
    With you on that call, looking to buy cheaper UUP calls on a low premium day, probably some Jan 2010 23s ;
    do you recommend another way to play other than forex? Thanks
  • anthem
    not sure it'll happen today as its right before a holiday. . . then again,didn't exactly expect 110pips in 15 minutes of a move either.. .
  • I always try to imagine finding a parking spot in New York after ONLY 5 round blocks
  • Mole wasn't kidding about being hosed on calls. I sold my gold calls last night at close and rebought them this morning when gold was down .33. It's at 0 now and I'm Finally green. I hope (which is the worst strategy ever) that today is the day that it breaks 1k.
  • my trailing stop loss orders on any long positions just kicked in at 11:50 (as per yesterday's post on my site)
    will be buying SPY puts beginning 12:20PM in 5 batches with interval of 20 minutes each for as long as SPY is above 101
  • TheCrowe

    Are these day trades or something you plan to hold over the weekend and into next week or are these whoppers (the long term puts)? Good luck!
  • hold till next week end
    SPY Sep100p
  • TheCrowe
    Have a great holiday! I'm off to the beach until Sunday! Cheers Richard
  • woooo-hoooo

    bought first batch SPY Sep100p @1.27
  • bought 2nd batch SPY Sep100p @1.16

    manually closing some longs without waiting for trailing stops to hit
  • started / nq sh 1635
  • mmTesla
    Hello everyone!
  • ColonelKurtz
  • Keirsten
    It's been traveling along the 200 SMA for weeks now, and has support on the daily 20 SMA at 162.12, (currently sitting above that intraday.) I would not venture to guess where it heads next, but I trade GS a lot and wouldn't initiate a short until it loses support. Day trading it is a different story though. ;-) It IS having a hard time hurdling over 163.00 though fwiw. HTH
  • getting bored, so thought i'd talk about the $ again. I look forward to Kemal's chart this afternoon. but i'm still liking my count. here it is compressed so you can see the RSI, MACD and STOCHs, all showing very significant positive divergence. it's accellerating now in what i have as wave v of c of the final flat in this combination corrective pattern. i see a big rally in the $ coming very soon!

    http://www.screencast.com/users/alphahorn/folders/Jing/media/ce9f4845-986b-412f-85f6-7cbd0755403c
  • Douala
    Alphahorn

    In the past the $USD and the POG [price of gold] were inversely related. I have read there will come a time when they will disconnect so to speak because of the central banks of the world printing money. If the dollar soars next week do you think gold will plunge or continue it march upwards?
  • no idea, pull up a chart of the $ vs gld and you'll see there are times where they are positively correlated such as jan-mar of this year and most of 2005, i believe gold will ultimately rollover and head to below 700
  • chilling
    Has $dxy & /zg ever rallied together for any significant length of time?
  • through most if not all of 2005 and jan-mar of this year
  • chilling
    Is that what you expect this time around?
  • shortcover
    I don't buy calls or puts...but usually write them instead. seems like 9 times out of 10 they expire worthless anway so why not take in that premium? especially w/ all these games as of late. if VXX could ever track right, it may make sense to trade options and somehow hedge with that etf?
  • Fujisan
    Mole, if you guys already bought far away OTM options, there are not much remedy at this point. As the premium is so small (my understanding is that you guys bought Dec 70 and Mar 65, correct?) there are not much you can do about it. That's why I never recommend the naked options way out of money.
  • Teich50
    As the other poster pointed out, for 2010 March SPY 75 puts, |delta| < |vega| since the option is _way_ OTM. Essentially one is longing volatility more than shorting the underlying.
  • centerline
    Fuji,

    Forgive me for what might be stupid question. But, is your position on this because it is more difficult and less effective at lower premium and longer time to create spreads/straddles/etc. from such positions? The reason why I ask is that it seems to me a lower R/R strategy using more active management of those options if bought closer to the money and near term. Whereas, longer term and further from the money is a more passive and higher R/R strategy; but nonetheless could still be rewarding.
  • What would you think about creating a synthetic short position with SPY options? Might be tricky because I guess you'd really be calling a top but the opportunity cost is good compared to going long large amounts of OTM puts and dealing the theta/ vega burns.
  • Fujisan
    I don't see any point of doing that. R/R is not that great. I will recommend some OCT spread with positive theta in my weekly posting. Please do yourself a favor and buy at least ATM options, not OTM options if you still like to play the naked put options.
  • AS2009
    Fuji - are you loading any far out options - considering any ?
  • Fujisan
    No, I NEVER load any far out options.

    I will go through of Oct option strategies this weekend and you can take a look. I will explain some spread trade and why OTM naked options do not work.
  • dumamay
    fuji,could you e-mail me (russ2107@gmail.com) reading material suggestions on basic options trading.
  • dumamay
    fuji,could you e-mail me (russ2107@gmail.com) some suggested reading material for trading basic options.
  • "if you bought front month calls, you just got hosed". hmm, it would appear so - won't do that again.

    in other news...

    Completed a nice a-b-c up at this morning's high (c = just more than 161.8% of a). If wave b were to retrace 50% (as opposed to 61.8% yesterday), that takes us back to around the magical 1000 marker (61.8% would be a couple of pips lower, pivot is at 999) and then wave c can nicely take us up to the wave 2 high at 1028 (c = 161.8% of a again).

    http://screencast.com/t/3ALjN0QS

    Sold ES @ 1007, stop 1009.
  • BigBearz
    i am in sept 103 SPY calls, and am getting hosed like no other... I am in at avg of .77 ( well nevermind, am down .04 jaysus the markets movin) and am only up .02, and I bought at SPY 994. Good game..... Still in em though..
  • Daily VWAP Pinball machine. Looks like I covered my short too soon...

    http://img382.imageshack.us/img382/8905/dailyvwap.jpg
  • Douala
    mole

    I recommend the system that Bill Cara's web site uses. Can find the name but here are the instructions on how it works.

    http://caracommunity.com/content/community-chat-posting-basics
  • anyone keeping an eye on silver, did it top!!!! falling precipitously
  • Put on PAAS have really stunk...but they ought to go to work now....
  • Hmmm never closed over the June highs... Perhaps we've seen the IT top? I'm pretty mad at myself for not nailing this breakout... I've been following it for weeks and for whatever reason failed to pull the trigger when it broke the triangle and watched it run away from me. I think I was too held to my bearish bias on it. More mental trading to work on...
  • /es 1 hour look- http://i29.tinypic.com/k2o5s3.jpg Watching 1010-1017, I'll wait till Tuesday to even consider taking a trade short.

    Mole, why would hedging with (SPY) calls be a bad strategy? This week, I can understand, but if volatility was to expand in the coming months, wouldn't that actually be a great strategy (strangle)?
  • MJSgl
    I think he means for more short-term play(er)s

    Edit: Finally my comments are being posted quickly on Disqus
  • Well, I'm talking about hedging with front month calls. ie- buy SPY 1 strike OTM calls whenever you are in the profit and are approaching a S/R level.
  • Updated Fib Fan chart for SPX since 2007. Originally I had it on log scale but it looks far cleaner this way:

    http://img197.imageshack.us/img197/7450/spxfan.jpg

    Funny how it's gapped up overnight to hop the past two fan lines...
  • TheCrowe
    Nice chart. Thank you! If climbing past one fan begets the next, that highest/upper fan might get touched in the 1070-1100 range (aka Blue).
  • standard_and_poor
    Have a good day brothers and sisters.
  • AS2009
    Fuji - where are you expectig this rise to ? 1010 or 1014 ?

    After that what is your target for the drop ?

    Sorry to bug everyone with tgts ... its just that I have no clue of EW - but am learning with your comments ... thanks a lot for that !!
  • Fujisan
    My target for this correction is 1010, then 980, then 1015, then 950. Hope this helps.
  • Douala
    Fujisan

    Since we came close to 1010 this morning, do you then expect the opening of next week's trading to drop to 980?
  • Fujisan
    Yes, that's my expectation, I also posted my SPX road map on Wed night. You can take a look or I could repost over the weekend.
  • standard_and_poor
    Enjoy Playaz.
    Hot chicks of rock part 1 of 899:
    http://www.youtube.com/watch?v=xyR-HmJS2qQ
  • I am expecting a move down, even if it is only a range move. I'm concerned that the tape seems to have stopped moving though. Replay of yesterday?
  • gannsecret
    Jack,
    this is a big pre-holiday day off
    not too many traders around
    market may just drift today
    HAVE A GREAT LABOR DAY All you rats
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