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ES and the Great POMO Rally
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ES and the Great POMO Rally

  #41 (permalink)
Market Wizard
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Just covered my longs @1216.75...should be some pretty good resistance here! Not getting short, however... instead, I would look to get back in on a pullback, if we close above this level.

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  #42 (permalink)
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tigertrader View Post
Just covered my longs @1216.75...should be some pretty good resistance here!

Nice! We may see a new high print today. What's weird is the NYSE Tick's are only showing a high at +796. Is this correct? This doesn't seem right, you would think we would see some +1,000's today. Maybe my data is messed up again. I'm wondering if this truly is just a short squeeze with stops getting blown out. In any event, a nice move.

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  #43 (permalink)
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The "Buy The Dip" Scheme Explained | zero hedge

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  #44 (permalink)
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That's hilarious but so true. The propaganda machine is in full gear trying it's best to make the mom and pop's get back into the stock market and buy equity mutual funds.

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  #45 (permalink)
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Yu are being outsourced

According to the NY Times, trading firms are hiring Chinese college graduates to trade for them, from China.

http://www.nytimes.com/2010/12/10/business/global/10daytrade.html?ref=business

"....Mr. Chan’s day trading shop is one of many that have sprung up in and around China’s major cities in recent years. Trading firms based in the United States and Canada are recruiting inexpensive workers in China and teaching them to engage in speculative trading — which means repeatedly buying and selling shares listed on the New York Stock Exchange and Nasdaq, hoping for quick profits.
By some industry estimates, as many as 10,000 people in China are doing speculative day trading of American stocks — mostly aggressive young men working the wee hours here, from 9:30 p.m. to 4 a.m., often trading tens of thousands of shares a day...."


Great, more LIQUIDITY!

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  #46 (permalink)
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Zondor View Post
According to the NY Times, trading firms are hiring Chinese college graduates to trade for them, from China.

http://www.nytimes.com/2010/12/10/business/global/10daytrade.html?ref=business

"....Mr. Chan’s day trading shop is one of many that have sprung up in and around China’s major cities in recent years. Trading firms based in the United States and Canada are recruiting inexpensive workers in China and teaching them to engage in speculative trading — which means repeatedly buying and selling shares listed on the New York Stock Exchange and Nasdaq, hoping for quick profits.
By some industry estimates, as many as 10,000 people in China are doing speculative day trading of American stocks — mostly aggressive young men working the wee hours here, from 9:30 p.m. to 4 a.m., often trading tens of thousands of shares a day...."


Great, more LIQUIDITY!

Lol! That is unbelievable! Also a little scary I guess. I wonder if these traders are cheaper then just setting up an automated system that follows the rules they're teaching these young traders?

Good find! Cheers!

PB

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re: Outsourcing Yu to China

If they can basically take guys off the street and make them into profitable traders, we should ALL be able to make money!

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  #48 (permalink)
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Re:Lol! That is unbelievable! Also a little scary I guess. I wonder if these traders are cheaper then just setting up an automated system that follows the rules they're teaching these young traders?"

I think it is telling of the short comings of automated systems. A person brings instinct, feeling and learning intelligence to add to the trading rules and disciplines they would teach. It's hard to program 'gut' feel or tape reading skills to a machine. Clearly both options are available to Swift Trade and other firms and yet they have found combining people together with trading and risk management technology produces better results.

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Haven't updated this thread in a while as I've essentially been avoiding intra-day trading equities lately (trading CL mainly). The tight range in equities has not been appealing to me at this time. Although we did have two nice sell off's during the last part of the day yesterday and today. This tight range of course is expected given it being the end of the year and with the holidays nearly upon us.

In any event, the ES and NQ are showing significant bearish divergences while bonds are getting absolutely obliterated taking rates higher. Will equities follow suit? They continue to look very suspect but wouldn't be surprised to see a continuation of the current melt up until the new year.

Attached Thumbnails
ES and the Great POMO Rally-santa_rally_part_deux.jpg   ES and the Great POMO Rally-nasdaq100.jpg   ES and the Great POMO Rally-bonds.jpg  
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I believe the relatively light volume in the equity market is more the result of options expiration than a slow holiday trade, and that the possibility of price exhaustion at these levels is very possible. Monthly R2 target has been reached on the daily and a TD perfected 9 count is evident at the top of the move. We are starting to see a series of lower highs on the 144min chart as the market signals waning momentum. As you stated, the bond market is selling off and the attendant rise in rates will have severe implications on servicing the nations debt going forward. There is also reason, once again, to be concerned about the euro, due to the troubles in Spain. While the bulls are in charge for the time being, a close under 1227 would signal a potential top for the year and another cyclical leg down.

Attached Thumbnails
ES and the Great POMO Rally-es-03-11-144-min-12_16_2010.jpg   ES and the Great POMO Rally-es-03-11-daily-5_6_2010-12_17_2010.jpg   ES and the Great POMO Rally-es-03-11-60-min-12_16_2010.jpg   ES and the Great POMO Rally-zb-03-11-daily-5_7_2010-12_17_2010.jpg   ES and the Great POMO Rally-6e-03-11-daily-5_5_2010-12_17_2010.jpg  
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