Cobra wrote:still believe the breakout will be on the upside. still cannot believe the market would pullback hard from here.
don't worry cobra there will indeed still be a breakout but i believe it will come tonight in the asian/european sessions so if you do not have futures access maybe hold a small long into tmrw.
it's the same story .. when we can't get through resistance , gap up during low vol overnight session.
These MACD histograms are helpful but give different signals in different time frames. Can't say if you're right or wrong right now but what I focus on--the 60-minute chart--there's a bearish divergence. So you're right. On the 5-minute, I'm wrong.
These MACD histograms are helpful but give different signals in different time frames. Can't say if you're right or wrong right now but what I focus on--the 60-minute chart--there's a bearish divergence. So you're right. On the 5-minute, I'm wrong.
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I see a pullback somewhere around here at least a consolidation. whether this is the final push up, I'll have to collect more evidences. so first let's wait to see how pullback goes, if any, of course.
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Buying some IWM puts here. 85.50 practically hit with resistance there, but I don't think the final top is in, and I'm willing to hold those puts for awhile if a pullback doesn't occur right away. This is a short-term trade.
Last edited by cletus on Tue May 10, 2011 3:13 pm, edited 1 time in total.
dumping my long order at /es 1356.25 and also have an outstanding sell short at 1356.50. there's a gap at 1357.5 and the bulls have magic on their side but not enough i believe to fill this gap..