860 please!!

UPDATE 1:14pm EST: We’re back at the YM VWAP and thus far computer still says no. I just dumped a little NQ hedge in my daytrading account (not the Zero trading account). Unless we breach this level equities won’t go anywhere fast….

BTW, the Yen is approaching its own VWAP from above – I think this could become VERY interesting if it bounces to the upside.

UPDATE 1:22pm EST: That’s what I thought. Yen bounced back up from the VWAP and equities made a U-turn. As I’ve said – I’m on fire today…

FYI: the more longer term Zero is pointing up now – so I do expect a rally here at some point unless it turns out to be a false positive signal.

UPDATE 1:26pm EST: Alright, let’s take a step back now;

Looking at the action of the last 90 minutes it’s clear that there’s a buyer in this current region. So, although I’ve been trading the swings quite nicely I am prepared for a sustained counter rally here at some point. We have stopped making lower lows and lower lows. Zero is already pointing up – let’s see if it’s calling the shots today.

UPDATE 1:37pm EST: Crank it up, steel rats!

UPDATE 1:57pm EST: Make or break time for the bulls. YM back at VWAP and so is the Yen. So far I don’t see sufficient momentum yet to believe in a rally.

UPDATE 2:00pm EST: VWAP to YM: Computer says no!

UPDATE 2:09pm EST: We’re near the 867 S2 pivot and the 1193 NQ pivot. Expecting a little bounce here…

UPDATE 2:15pm EST: Yen looks like it might bust out of the gate here which would supress any rally attempts off of those pivots. Watch the Yen people – it’s driving the action today.

UPDATE 2:23pm EST: FYI – if/when we drop through those pivots – next destination is 860 on the SPX. There’s definitely a buyer there – first attempt failed as expected.

UPDATE 2:39pm EST: We are now below the ES and NQ S2 pivots. If those hold – well, you know…. 🙂

UPDATE 3:12pm EST: And now for something completely different:

Courtesy of Eric_SFL: long FedEx.

UPDATE CLOSING BELL: Well, today was a great day for me – glad you have you rats along for the ride. Even tagged on some NQ day trades which produced additional $$. The Zero trades are producing like they should as well. I expect to see a rally here anytime soon, so I remain humble & nimble.

Berk will post an update tonight – looking forward to that one.