Comments on: Intraday Commentary ~ 12/3/08 http://www.focalequity.com/2008/12/03/intraday-commentary-12308/ The Focal Point for All Traders Fri, 03 Sep 2010 10:54:23 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Surage http://www.focalequity.com/2008/12/03/intraday-commentary-12308/comment-page-4/#comment-15553 Surage Thu, 04 Dec 2008 02:22:16 +0000 http://www.stocktock.com/?p=9892#comment-15553 A strong push through the 877-879 area area would clearly confirm that wave C up was underway, and that prices were pushing above the November 28 high of 897. We should know the outcome fairly early in tomorrow’s session. The upside potential will, in part, be determined by the behavior of breadth and volume. If both expand, the rally will have legs. If they remain muted, the advance may be somewhat stunted after it pushes above the November 28 high. A strong push through the 877-879 area area would clearly confirm that wave C up was underway, and that prices were pushing above the November 28 high of 897. We should know the outcome fairly early in tomorrow’s session. The upside potential will, in part, be determined by the behavior of breadth and volume. If both expand, the rally will have legs. If they remain muted, the advance may be somewhat stunted after it pushes above the November 28 high.

]]> By: Surage http://www.focalequity.com/2008/12/03/intraday-commentary-12308/comment-page-4/#comment-15542 Surage Thu, 04 Dec 2008 00:35:38 +0000 http://www.stocktock.com/?p=9892#comment-15542 EW Outlook: From the source...I shall summarize and I can't/won't be including their charts here. Assuming the rise from Monday’s low is an upward correction, it should be just about over and the next leg down should be on the verge of beginning. A strong push through a channel line would be a signal that the market was moving higher, not lower over the short term. They state several reason to support this idea. Neart term basis is to keep a close eye on the upper channel line of the parallel trendchannel, as well as the 879 level (E-mini S&P), which is the .786 retracement of the decline from last Friday’s high. Tomorrow, the upper channel crosses 877, which is just two points from the 879 level. As long as the E-mini does not push through the 877-879 area, odds strongly favor a decline that should start tomorrow. This decline should increase in intensity as it progresses back to, and below, the November 21 lows. EW Outlook: From the source…I shall summarize and I can’t/won’t be including their charts here.

Assuming the rise from Monday’s low is an upward correction, it should be just about over and the next leg down should be on the verge of beginning. A strong push through a channel line would be a signal that the market was moving higher, not lower over the short term. They state several reason to support this idea.

Neart term basis is to keep a close eye on the upper channel line of the parallel trendchannel, as well as the 879 level (E-mini S&P), which is the .786 retracement of the decline from last Friday’s high. Tomorrow, the upper channel crosses 877, which is just two points from the 879 level. As long as the E-mini does not push through the 877-879 area, odds strongly favor a decline that should start tomorrow. This decline should increase in intensity as it progresses back to, and below, the November 21 lows.

]]> By: david http://www.focalequity.com/2008/12/03/intraday-commentary-12308/comment-page-4/#comment-15541 david Thu, 04 Dec 2008 00:33:37 +0000 http://www.stocktock.com/?p=9892#comment-15541 Thanks Schweizer135 for the all the postiive info today. I went agaist my bear mentality and played the ERX and FAS twice and made some change. Thanks to Shanky, Mohan and others for their constant updates and kept the bulls in check. Thanks Schweizer135 for the all the postiive info today. I went agaist my bear mentality and played the ERX and FAS twice and made some change.

Thanks to Shanky, Mohan and others for their constant updates and kept the bulls in check.

]]> By: pmesdjian http://www.focalequity.com/2008/12/03/intraday-commentary-12308/comment-page-4/#comment-15524 pmesdjian Wed, 03 Dec 2008 22:58:32 +0000 http://www.stocktock.com/?p=9892#comment-15524 I haven't received anything from GS now for a few days. I wonder if they are getting hit with job layoffs. If I receive anything I'll be sure to post it. Citibank was stopped out of a long GBP/USD position overnight. GBP dropped as low at 1.4670 overnight. Citi is a bit cold at the moment. Pete I haven’t received anything from GS now for a few days. I wonder if they are getting hit with job layoffs. If I receive anything I’ll be sure to post it.

Citibank was stopped out of a long GBP/USD position overnight. GBP dropped as low at 1.4670 overnight. Citi is a bit cold at the moment.

Pete

]]> By: gr http://www.focalequity.com/2008/12/03/intraday-commentary-12308/comment-page-4/#comment-15514 gr Wed, 03 Dec 2008 21:45:48 +0000 http://www.stocktock.com/?p=9892#comment-15514 3 from bottom to top was about $37, 5 is now $38. 3 from bottom to top was about $37, 5 is now $38.

]]> By: gr http://www.focalequity.com/2008/12/03/intraday-commentary-12308/comment-page-4/#comment-15513 gr Wed, 03 Dec 2008 21:31:59 +0000 http://www.stocktock.com/?p=9892#comment-15513 gold trading is almost continuous during the weekdays. click on the small gold chart on the top right corner of kitco site, a pop up will show which market is trade and the current spot price (with some delay). gold trading is almost continuous during the weekdays. click on the small gold chart on the top right corner of kitco site, a pop up will show which market is trade and the current spot price (with some delay).

]]> By: gr http://www.focalequity.com/2008/12/03/intraday-commentary-12308/comment-page-4/#comment-15512 gr Wed, 03 Dec 2008 21:28:11 +0000 http://www.stocktock.com/?p=9892#comment-15512 ES hit almost exactly on 1.618 of yesterday's high-low retracement during the last run up. ES hit almost exactly on 1.618 of yesterday’s high-low retracement during the last run up.

]]> By: Tanya http://www.focalequity.com/2008/12/03/intraday-commentary-12308/comment-page-4/#comment-15511 Tanya Wed, 03 Dec 2008 21:27:07 +0000 http://www.stocktock.com/?p=9892#comment-15511 Then why do I have a gold chart here that goes until 4pm? http://www.kitco.com/charts/livegold.html And an oil chart here that goes until 4pm? http://www.livecharts.co.uk/membersarea/thread.php?ThreadID=15 Not trying to be an ass, just confused. Then why do I have a gold chart here that goes until 4pm?

http://www.kitco.com/charts/livegold.html

And an oil chart here that goes until 4pm?

http://www.livecharts.co.uk/membersarea/thread.php?ThreadID=15

Not trying to be an ass, just confused.

]]> By: Richard http://www.focalequity.com/2008/12/03/intraday-commentary-12308/comment-page-4/#comment-15510 Richard Wed, 03 Dec 2008 21:26:17 +0000 http://www.stocktock.com/?p=9892#comment-15510 exactly.... you have companies trading at 10% of their highs and the market is above 50% of its highs.. makes alot of sense. key: its suppose to drive us crazy and drive us out. they want your PUTS for cheap! exactly…. you have companies trading at 10% of their highs and the market is above 50% of its highs.. makes alot of sense. key: its suppose to drive us crazy and drive us out. they want your PUTS for cheap!

]]> By: Mohan http://www.focalequity.com/2008/12/03/intraday-commentary-12308/comment-page-4/#comment-15509 Mohan Wed, 03 Dec 2008 21:19:49 +0000 http://www.stocktock.com/?p=9892#comment-15509 You get a participation ribbon! Man, today is another insane trading day. I wonder who is at the wheel of this "auto-piloting" free market. You get a participation ribbon!

Man, today is another insane trading day. I wonder who is at the wheel of this “auto-piloting” free market.

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