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

  #521 (permalink)
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Private Banker View Post
I light of the all time high in Gold today, I just thought I would take a moment to recognize the Bernank and his accomplishments. Boy, he must be so proud of all that he has achieved. The one who said there was no housing/credit bubble and sub-prime was "contained" and housing has never dropped on a national basis. And his latest, inflation is "transitory".

He stated on 60 Minutes that he was 100% sure that his QE will work. Hmmmm.... Looks like his record continues to be predictable. Isn't it time we removed him? How much more can this world take of him?

Ron Paul for President!!!

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  #522 (permalink)
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Lornz View Post
You just gotta love the volatility these days... The months, or possibly even years, ahead should be perfect for daytrading...

I "gambled" on some 1250 puts a little while back, sometimes things work out pretty well...

Yes, I agree. It's been amazing! These markets are really coming alive. Nice trade on the 1250 puts! Once we broke below the 200 day moving average, I knew we would test the 1252 area. Surprisingly, we blew through it like it wasn't even there. Price stopped at the year's open for a little bit and then dropped below that as well. Pretty amazing markets.

Cheers,
PB

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  #523 (permalink)
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Private Banker View Post
I light of the all time high in Gold today, I just thought I would take a moment to recognize the Bernank and his accomplishments. Boy, he must be so proud of all that he has achieved. The one who said there was no housing/credit bubble and sub-prime was "contained" and housing has never dropped on a national basis. And his latest, inflation is "transitory".

He stated on 60 Minutes that he was 100% sure that his QE will work. Hmmmm.... Looks like his record continues to be predictable. Isn't it time we removed him? How much more can this world take of him?

It's been one hell of a ride, though... I remember how everybody laughed at Rogers with his gold calls, but I guess he'll get the last laugh.

I only regret not being more agressive, but I guess hindsight is 20-20...

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  #524 (permalink)
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Private Banker View Post
Yes, I agree. It's been amazing! These markets are really coming alive. Nice trade on the 1250 puts! Once we broke below the 200 day moving average, I knew we would test the 1252 area. Surprisingly, we blew through it like it wasn't even there. Price stopped at the year's open for a little bit and then dropped below that as well. Pretty amazing markets.

Cheers,
PB

Yes, as I think I wrote earlier in this thread, I assumed we would retest the 1250's. But I wasn't expecting it to blow through all those levels like that. Incredible!

The only problem I have, is that this has been the worst summer in Norway for years. And the few days we have temperatures in the high 70s, volatility picks up. I was planning on taking a few days off, but no such luck...

I guess I can't have it all....

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  #525 (permalink)
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Private Banker View Post
I light of the all time high in Gold today, I just thought I would take a moment to recognize the Bernank and his accomplishments. Boy, he must be so proud of all that he has achieved. The one who said there was no housing/credit bubble and sub-prime was "contained" and housing has never dropped on a national basis. And his latest, inflation is "transitory".

He stated on 60 Minutes that he was 100% sure that his QE will work. Hmmmm.... Looks like his record continues to be predictable. Isn't it time we removed him? How much more can this world take of him?

He is nothing more than a puppet politician. Whatever he says, do the opposite and we would probably be as wealthy as Buffett! haha...

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  #526 (permalink)
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bluemele View Post
He is nothing more than a puppet politician. Whatever he says, do the opposite and we would probably be as wealthy as Buffett! haha...

I'm just waiting for someone to offer a derivative on the Bernank, I'd be comfortable shorting that....

After looking at your GC charts, @Private Banker, I just had to dig this up:




Priceless!

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  #527 (permalink)
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Been scalping CL for the most part, and haven't taken any ES positions in a while, but I am seriously considering getting long. Just too much bearishness out there, and I think max pain would caused by a rally right now. Today was the 7th day in a row that the ES has traded below the prior days low, and this occurance has bee a pretty reliable indicatior of a short term bottom in the past. Long term trend is still intact as the ES is holding the 50MA on the weekly and is trading within it's bull regression channel. Of course that could all change tonight or tomorrow. Congrats to all who caught this downdraft, but caveat vendor, at these levels.

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  #528 (permalink)
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Vix is disturbingly not afraid of this last month. We are not at max pain at all, not even close. My friends that don't care about the markets at all have not even mentioned this last month as far as causing the herd to stampede for the exit.

The only thing I can see to account for that is that it is really not that surprising if we double dip recession wise here.

Faster than previous expected regime change, is also not that unexpected IMO.
Anyone who started trading post crisis needs to take risk off the table as this is the point that newbs vanish into thin air.

What is really interesting is the overall mindset is getting back to a bull market...
We are range bound like in the 70s as far as the eye can see..
When the idea of a bull market has died, your friends no longer believe they will ever retire with their 401k, that will be max pain and the time to leverage up/all in long.

LEAPS puts are on sale because of this right now.

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  #529 (permalink)
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tigertrader View Post
Been scalping CL for the most part, and haven't taken any ES positions in a while, but I am seriously considering getting long. Just too much bearishness out there, and I think max pain would caused by a rally right now. Today was the 7th day in a row that the ES has traded below the prior days low, and this occurance has bee a pretty reliable indicatior of a short term bottom in the past. Long term trend is still intact as the ES is holding the 50MA on the weekly and is trading within it's bull regression channel. Of course that could all change tonight or tomorrow. Congrats to all who caught this downdraft, but caveat vendor, at these levels.

Exactly what I have in mind and as a matter of fact right at the level we're at now

Edit: wouldn't be looking for a homerun though...I suspect we might be around here by the time of the fed meeting so as to help Bernanke decide to fire up his helicopter

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Lornz View Post
I'm just waiting for someone to offer a derivative on the Bernank, I'd be comfortable shorting that....


It is our own fault these people can get away with such non free market nonsense.
Instead of smug one up manship with posting stupid cartoon videos this should be a lesson in Hayekian philosophy.

‪Hayek's 'The Road to Serfdom' in Five Minutes‬‏ - YouTube

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