Friday, March 6, 2009

On the hourly chart, the futures have not corrected Thursday's rally sufficiently to be recharged for another leg like it. Notice that the retracement would need to have come down to at least...

A moderate decline could be expected to find support at ####.##, a Hidden Pivot support. Let's be ready to bottom-fish there with an...

We should guard against getting kicked in the groin while we are busy patting ourselves on the back. The bounce from yesterday's lows stands to be a strong one, since the...

The E-Mini S&P futures did a touch-and-go landing yesterday that came within a hair of a 675.50 target we’d drum-rolled from 50 points higher. Officially, the three-tick miss was as good as a mile, and so we did not officially initiate a long position in the S&P mini-futures. However, and fortunately, some Rick’s Picks subscribers front-ran the order aggressively, buying just above the low print of the day at 676.25. Having been away from our desk during the final hour, we were initially concerned that an excellent buying opportunity might have been missed. But conversation recorded in the chat room assured us otherwise. The following snippet will give you some idea. It sounded like chatter from the LaGuardia flight tower with two planes headed for a collision. The S&P futures had been down 200-250 Dow points for most of the session, but the equivalent 680-level floor under the E-Minis appeared to be buckling in the final half hour: MikeS: who's gonna buy 675.50? Paulie: amazinggggg Duke: me Duke: buying from here MikeS: buy-limit in :) LC: without access to the real time --what’s so amazing?? MikeS: u front running the 675 Duke? Duke: yes, loading some layers LC: Is it selling off to the 675? MikeS: I will be patient Paulie: Well, the market just dropped off the cliff after grinding all day down 225 to 250. Real money popped, big GLD buying suddenly. Q's crashed after grinding away. It's just neat to watch. Maybe another 100 to go in the Dow if lady luck is here. Paulie: Nothin' like minus 300 or 400 to freak out Katie Couric Traderand: anyone long the ES? Duke: multiple lots so far, one more at exact Rick’s # Sportsdoc: Duke buying now vs. waiting for Rick pivot? Duke: I have orders at Rick’s