Friday, September 24, 2010

News consolidation and at resistance

The normal way to play resistance, and this is coming from the technicals masters of support and resistance channels, Stock Traders to respect support and respect resistance until they break.

ES has resistance in the low 1140's, if it break above 1145 1146 area, I will have to take some lumps on puts, and go back to observing.   Otherwise, this farce of a wave 2 frog boil will soon end.

Big moves usually come 1 to 3 days after an important moon like the fall equinox, but moons don't always work.   We will see.

And here great news----I am sure we get more truth in the news with consolidtion and control of the media by the financial behemoths.


  1. Did you take your lumps yet?

  2. Took a beating, but didn't lock in the lumps. Resistance was not broken. Gotta have some rules to live by regardless of the in my benefit, I was out working so couldn't react.

    Well time will tell if that was in my benefit.......chuckle ouch.

  3. Yesterday seems like the same similar type shakeout move that happens every time after we are at or within points of the peak. It is always so emotional for bulls and bears when days like today occurs. Bears that get out are not so eager to get back in when the selling starts back and will be more and more skeptical each day we go down to justify their getting out at higher levels. Bulls are convinced now that each pull back is a buying opportunity that there will be enough sellers to take this to lower levels.

  4. Well said, because thats my thoughts exactly.


Insightful and Useful Comment!