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TF thread (Russell 2000) ... anything goes
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TF thread (Russell 2000) ... anything goes

  #381 (permalink)
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It seems pretty obvious they are gunning for every stop they can get.....I'm watching 808 and then just short of 812 which I don't think will get hit today but who knows....

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  #382 (permalink)
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A look at the daily Ichimoku...
I supposeThe TS at 809.6 might do something ? but would more likely get something at the KS at 815.....

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  #383 (permalink)
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I'm looking for a failure at the top.....I should have posted the trade back to 804...I got a nice piece of it...
Anyway I'm getting a feeling this thing might fall pretty quickly all the way back down but I have nothing I can point to that justifies it and it's probably not going to happen but felt like I might mention it anyway.

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  #384 (permalink)
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So much for the crash at the end of the day idea

The zombies just pretty much bought all day as you can plainly see...the only reason I got a piece of the drop back to 804 was there was a footprint I didn't mention but more importanly was the fact that they had to at least TRY for the 2:00 turn around.

I didn't buy at 804 because I didn't get a decent signal and frankly was hoping it might continue south...oh well

Earlier there was a nice pin off the vwap and R1 around 798 and some how missed that.....can't get them all


Last edited by kbit; April 12th, 2012 at 06:08 PM. Reason: spelling
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  #385 (permalink)
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Futures Edge on FIO
Finally got a fair (not great) signal to go short after the close here ...entry at 807.8 stop a few ticks over high
where it goes I don't know...maybe nowhere...not doing it but might tomorrow if it's still around here

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  #386 (permalink)
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Having a hard time getting a good read on things today but now that we hit 798.3 there is a chance we turn back down to tag 789.1

We'll have to see if it actually turns here or keeps going....if it takes out the high I think I would write off the dowside idea for now....bbl

The only other thing is if we get over 800.1 and stay above it we might end up at around 812ish.....not really seeing it happen though, still favor the downside I think

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  #387 (permalink)
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From PT

Itís easy to think of a market top or bottom as a single point in time, but it is typically a process that occurs over a period of time as is shown nicely, most likely, by the daily chart of the Russell 2000 below.

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This process started back in early March when the Russell 2000 dove for its 50 DMA and something that seemed to signal a 200 DMA dash-to-come and an event that seems increasingly likely as the Russell 2000 hangs below its flattening 50 DMA with a Broadening Top standing by to take this small cap index well below its 200 DMA. However, there is the possibility that the Russell 2000 visits the top trendline of that pattern one more time before potentially making a proper downside break by dropping below 784 for a current target of 720 and well below its 200 DMA and this speaks to the idea that topping is a process and not a point.

One reason to think that process may accelerate in the days ahead, though, is shown by the Russell 2000ís recent consolidation into what appears to be a Bear Pennant that carries, interestingly, the same 720 target on confirmation of 784 and it remains valid unless the Russell 2000 climbs above $828. One reason to have faith in that Bear Pennant is shown by the Nasdaq Compositeís own Bear Pennant that is working ferociously to confirm.

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The Nasdaq Compositeís Bear Pennant confirms on a closing basis at 2987 for a target of 2846 and it remains valid so long as the Nasdaq Composite is below 3086 with its own Broadening Top giving reason to think it will remain valid considering that the pattern confirms at 2885 for a target of 2636.

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Not surprisingly, the chart of Dow Jones Industrial Average is showing its own version of this topping process that could take the Dow down toward 12000 on its Broadening Top that confirms at 12711 with the Bear Pennantís target of 12704 providing the bearish spark, perhaps, to the Dowís Broadening Top.

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Equally unsurprising is the fact that the S&P is showing less of that Broadening Top and much more of the H&S cousin that is peeking out of the Nasdaq Compositeís chart too with the S&Pís H&S confirming at 1357 for a target of 1292 and it is a pattern that should be taken seriously so long as the S&P remains below 1402.

And it is the 5%+ decline objective of the S&Pís time-taking topping process, then, that suggests treating the index, and risk, with care.

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  #388 (permalink)
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ICE commentary video

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  #389 (permalink)
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Well we came up to 812ish as I thought would happen if we held over 800.1 so I'm just waiting to see what they want to do now...

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  #390 (permalink)
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I'll post some spots to keep an eye on later....I did end up shorting at 813, I forgot to post it here but did post in in the chat ...sorry.

I hope some of you guys were watching that area and maybe got something...if not there will always be another trade.
As it stands at the close it's still pointing down so don't rush in to start buying...bbl

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