Levels to watch today on the ES:
Resistance above at: 1373-1374, 1376-1377
Support below at: 1363-1364, 1361
I will consider long entries in the lower 1360s
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Long ES at 1361.25
ReplyDeleteS&P may still fill the gap at 1360, but I'm getting a little aggressive here...
ReplyDeleteAdd second contract at 1358
ReplyDeleteBottom should be in for the day. Consider exiting position if ES makes a new low. No defense below 1356
ReplyDeleteScratch second contract at 1358. Still holding first contract
ReplyDeleteHi Verde - Are you still holding that 1st contract from 1361.25? Not sure what to make of the market at the moment. You have to wonder whether Wall St. is subconciously a litte concerned about a bin Laden retaliation of some kind. May be nothing but a correction, but we go much lower from here and I won't be so sure that is all that it is. From a technical perspective we should move back up soon. But from what I'm seeing here, I think traders should tread lightly for now...
ReplyDeleteHope you're doing well...
Vis
I'm still long the one contract, didn't trade today, but remain confident on the long side, I expect the up-trend to resume...
ReplyDeleteAdd 1 contract at 1330.50
ReplyDeleteAverage entry of the 2 contracts is now at 1345.75. I am now at 2/3 of a full position and will add a 3d contract depending on price action.
ReplyDeleteVerde - Still holding that 2 con 1345.75 avg.? There was a nice potential exit for you at the highs today...
ReplyDeleteLooking at the charts, we could go either way from here next week unless we close at the highs today - which would put me cautiously back in the bull camp... They are definitely shaking the tree today... The commodity drop has really brought back the volatility... Great for scalping! Feel bad for the silver holders though... Check out the drop in AGQ and SLV in the last few days... Crazy!
Vis
Still holding both contracts Vis. I was actually targeting a sell on the second contract between 1345-1350, however, some obligations took me away from the market today and for most of the week actually. I decided not to enter in a limit sell order so unfortunately I am still holding both. That being said, I am OK with it because my overall outlook continues to be bullish. I am willing to take the heat on this position (for now). Would have liked to see the gains from today hold, but have to wait till next week to see how the markets respond.
ReplyDeleteSilver has taken a beating indeed. I am tempted to scale in long on SLV to be honest. However, my greedy side wants to wait till SLV trades into the 20s before jumping in long... I believe SLV will trade above 50 this year and eventually it could hit 100???
Still holding two contracts. First target is 1355 ES
ReplyDeleteSell 1 contract at 1355 for 9.25 point gain. Continue to hold 1 contract with (average) entry at 1345.75.
ReplyDeleteAdded 1 contract at 1304.25, average entry now at 1325. Now holding 2 contracts and am at 2/3 of a full position... Will be on a plane this morning and will miss the trading session, so placing a limit order to sell 1 contract at 1327. I don't expect the ES to trade there today, but placing the limit just in case...
ReplyDeleteSold one contract at 1327.
ReplyDeleteMy limit order was filled just before the close today. This position is managing well so far with a total gain of 11.25 points. The entry of the remaining contract is at 1325 (up 4 points as of this post).
I will continue to hold this long position...
Still Holding ESM11 March Contract (1/3 Position)
ReplyDeleteAdd 1 March Contract at 1275.75
ReplyDeleteAverage entry now at 1300.25 ESM11. (2/3 Position)
ReplyDeleteWill rollover this position to the September contract next week.
Sell 2nd contract at 1274, Will wait till I see support hold before putting the 2nd third position back on
ReplyDeleteAdd contract back at 1274, market has shown me enough support to hodl this position now...
ReplyDeleteHolding 2/3 position ESM11 March contract, average entry price 1300.25
The correct play here was to sell the second contract after yesterday's rally was rejected. The move below 1275 on the ESM11 was the time to sell the 1 contract and wait for a better opportunity to put it back on.
ReplyDeleteStill holding 2 contracts.
I am putting high odds on a bottom being put in today (6/15/11). There is a chance for another minor lower low, but I believe the market is setting up for a nice rally in the coming days...
ReplyDeleteI am a confident holder of my long position amidst this sell-off
In the previous comment, I meant 6/16/11 (today) not 6/15/11 (yesterday)...
ReplyDeleteUpdate: Currently holding the ESU11 September Contract which was trading 5.25 points lower than the ESM11 July Contract at rollover. This lowers my average entry to 1295.25 versus 1300.25.
ReplyDeleteAction looking good this time around for a continued rally. Next target 1305-1310 ES
ReplyDeleteSell 1 contract (ES) at 1312.
ReplyDeleteMarket remains bullish, but I wanted to lock in some profits here. Taking 16.75 points from the 2nd contract. This brings the total locked-in profit (to this point from this swing-trade) to 28 points.
ReplyDeleteStill holding 1 ES contract with entry at 1295.25
I continue to hold this long. Tentative targets have been reached, but market not yet giving me a proper signal to exit. Continuing to hold for now, up over 50 points as of this post...
ReplyDeleteSell remaining ES contract at 1342.25 for 47 points. Position closed.
ReplyDeleteThis swing position resulted in a total profit of 75 points.