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All Offer Chasing For Now With 1.089 ES Resistance For Now
With bid buckets dry, so far the morning portion of today's melt up has been due to offer chasing across the board as smart money sells to momos and algos. However, a particularly large offer at 1089 in ES is so far keeping the market range bound. Not surprisingly, S&P futures got as high as 1,088.75 before retracing. For now that will be the resistance point, although with today's hyperbolic market action, in which the first 10 handles off a sub 10,000 bottom were due to a false rumor, our advice is, as it always has been, to stay out of this now completely busted "market." And with Opex action compounding ridiculous volatility, only masochists and those trading with Other People's Money would be willing participants to this torture device.
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Ya biggest volume today is still at the 9:30 low tick on the ES_F.
The meltup is fucking bullshit. Though not surprising.
The bank trading desks control the entire market. They blackmailed the politicians and crafted legislation and the only reason it was going down was because they wanted it to.
I agree .......and in a tone dripping with total disgust and contempt for the lot of them.
Option expiration.
Pin it, Squidy.
GS has to make a profit, burn the shorts then tank the market. Volatility!
Wtf you're talking about? This is a lovely trading day
You have 1050,1080,1095 levels to watch and last few days it's just been great
But NO trader is losing money. On the contrary, on numerous boards traders have stated that they LOVE this market, as THEY are making fortunes. Since the markets are a Zero Sum Game, I just can't figure out where all the losers are on the other side of those trades.
Yahoo! has the best traders, even better than the big Wall Street houses (e.g. Goldman Sucks). Only Yahoo! traders can improve on Suck's perfection.
It is an amazing market, as NO ONE is losing...
Good point. Maybe those GS headlines are meant to induce the sheep to plow back into the markets.
"What's that? Can't lose? I'm all in!"
Futures markets are a zero-sum game, but the retail equity markets are not zero-sum. They all rise in hopes of every increasing multiples which in the end brings you to alpha. So not zero-sum. Probably on one of the first pages of any decent textbook on capital markets.
Occasionally the elevator needs to go up a few floors for a little while so it can then trap a new set of suckers on the express elevator to hell.
Here kitty kitty, the bottom is in.
The charcoal fire went out months ago. They're simply trying to pour lighter fluid on top of lighter fluid in an attempt to burn the metal hibachi.
Serious thoughts all - got stopped out this morning, which is fine. Thinking about reloading. 3:30 today or wait to see if the rally continues into Monday? Any expectations of positive "news" from Europe?
You are a braver man than me...you couldn't pay me to hold anything over the course of a weekend.
Here kitty kitty, the bottom is in.
LOL. Just what I was thinking.
Seen that move before.
http://filer.case.edu/~bwm3/stupid/cat-owned.jpg
LOL Thats right before the dead cat bounce.
"Scwull and bownes!! Scwull and bownes!!" Bawnkee Frank cheered from the pulpit as BS walked onto the stage.
"Thank you, thank you....you may be seated. The Federal Reserve was founded in 1913 with other people's monie and credit. Specifically it was the American's monies, but we dipped our hand in all the buckets," the audience was amused and chuckled by this. "We suffered heavy losses during the depression, but we were lucky enough to secure funding even after, especially with the rest of the world desecrated after world war two. This was a turning point in history, and since then, there has been what many economists call an upward swindle. So now we end our tenure as chief architect of the money system, and would like to say thank you. We have a performance we would like to give, with Hank Paulson on trapeze." A big flame burst on stage and smoke filled the air. The crowd stood and looked. There was Hank swinging from the trapeze and Larry Summers walking the tighrope and juggling balls. Timmah whipped the lions.
This is a bear market pop. I was hoping for slightly higher to sell into. This corrective phase should stay under 1110.00. Long cash, small gold (physical) and shedding debt.
And the crims are keeping gold and silver under control.
The markets is just a monotone freak show where only occassionaly reality breaks out.
Just a helicopter ben shadow puppet show that gets obliterated when somebody turns on the light.
Big move up on extremely high volume. Isnt that what everyone has been whining about?
No one is stopping you from catching the falling knife, and no one here knows how to stitch a wound.
I think this is real buying. 10+% correction leads to some guys to get off the sidelines. I just think they are early. Way early. I'll sit it out and stay short.
is zerohedge gonna go bullish or cost people 1000s again?
Cost people 1000's again?
So we ZH readers don't have a functioning brain nor are we responsible for making our own investment decisions? That ZH makes us do things against our own will or seduces us into doing things we shouldn't be doing?
You've been reading too many romance novels. Just because ZH remains negative on their long term outlook doesn't mean it's readers aren't playing the market on both sides of the fence or that they are even in the market to begin with.
then stop remaining perma bears at these prices. even came down to just above David Rosenburg prices to buy at
State government either MUST lay off next month. Or must lay off the month after when they are forced to divert half of their tax incomes into pension funds. There is no way to get there from here. There will be blood in the streets no matter WHAT anyone does. If it dives next week. Gold will go from 100:1 leverage to 200:1 leverage. So if gold crashes through 1176 rock hard support. I get richer than I would already be. But thanks for the advice. Not that It matters. I'll die long before it does me any good.
http://www.bullionbullscanada.com/index.php?option=com_content&view=arti...
Being a "perma bear" and trading the market are mutually exclusive. I constantly go long and short depending on what the market is telling me, not ZH or CNBC. And from what I read here on ZH, there are others who do the same.
But for the most part many people here on ZH are on the sidelines or simply dabbling, which makes them out, not perma anything.
Think, fat girls in their underwear, standing on chairs.