Please see my Saturday post for actual commentary :)
Sunday, October 4, 2009
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About Me
- Pokerden
- This is probably the only time we are going to see a market like this in our lifetime. So lets make the best of the opportunity. I am going to concentrate on mainly trading the S&P 500 index using Elliott Waves and other TA. I will mainly be using puts and calls on SPY, but at times will trade SDS and SSO also. Do your own due diligence of course. Do not take any of my commentary and technical analysis as recommendations to purchase stocks or options. I do not currently trade the E-minis.
5 comments:
Looks good, may be setting up for a 1-2, 1-2. 104.50 could be a good short...
pokerden
I saw your blog from traders-talk, pretty interesting. I dont really get into EW too much but your scenario seems very plausible. I use this guy very often for his S/R levels. Looks like there is a major $SPX S/R level at 1039 and then the 20 sma at 1049, looks pretty close to what you have.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2684038&cmd=show[s129091841]&disp=P
Looks a little like the two sweeties stuff from before they went pay only.
Its interesting how fibs often work out to support/resistance levels and vice versa :)
I have some calls that were picked up on Friday and waiting to about 104 on SPY to flip short.
-pokerden
Nice call on the count. I assume you are short now. Do you think higher highs are coming on a break above 1064 then this week then.
Not quite short yet, I still have calls but I will probably flip short tomorrow.
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