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5 messages in this thread [ view entire thread ]

1137.50 ESH0
Drew 'Beaners' Klein - Mon Mar 8 2010 at 3:38 PM

I posted about this number in January:
http://www.marketforum.com/?id=1077377

And I just noticed that Friday, as we headed into the close, once again there was ENORMOUS volume at and around this price...

I wonder what is the significance..., if any...?

Re: 1137.50 ESH0
Lou - Mon Mar 8 2010 at 4:25 PM

If we're heading lower - we'll know it in the morning. Most likely on some unexpected news. Its a 50/50 bet as far as I'm concerned - maybe less.

Otherwise, past few days trading seem very reminiscient of last spring/summer trading. Liquidity is flowing to the banks ... most likely Fed dollars. GS has been leading the way higher. If they chug higher from here - most likely the market will too.

Smoke and mirrors ....

Re: 1137.50 ESH0
NYPoke - Mon Mar 8 2010 at 4:39 PM

Not that I'm an expert, but you would think that much resistance would have an obvious reason. I certainly can't see it.

1150 (roughly) I see. 1200 (roughly), I see. 1137.50, not much. An 1130 peak, on 12/29 is the only thing close I can come up with.

Could have been a few lines of computer code in an HFT 'puter:

if ( price < 1137.50 ) Buy();
else if ( price > 137.50) Sell();
else BuyAndSell();

Simplified version, but it has been know to happen.

1150 & 1200 still look like magnets. I'll remain a bear. However, I was looking for a bigger pull back today, to get a short term play up.

I think Lou is right though. The Black Swan will come off hours. Today would be good, at 21 trading days since the 2/5 bottom. However, that sideways move today sure doesn't look like much of a top or bottom.

Awfully quite today.

Re: 1137.50 ESH0
TJC - Mon Mar 8 2010 at 4:59 PM

Good afternoon
Today "looks" much like Jan. 11. Thereafter, a Tuesday dip was followed by spx moving sideways within a defined range for a week. Only THEN did it begin its plunge to the 1044 level.
Any thoughts on similar/dissimilar conditions now?
Trade well
TJC

Re: 1137.50 ESH0
Florian Schoepp - Tue Mar 9 2010 at 1:55 AM

Have been watching this too...

Not sure, but volume was weak today and as I have been writing before, I am waiting for a correction, risking up to 1144 intraday. In the case of SP, should be down into the 1110, maximum 1100, area and then resume up.

Should be decided today, since I had a turn date for last Friday or today +/- 1 day. If it is going higher straight, I think a marginal new high around 1173 around March 23, then a more serious correction.

Just my humble opinion...

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