Thursday, December 11, 2008

Morning Observations 12/11/08




This is the fourth time that the market has bounced off the 884 area. Each time the market has tested 884, the Cumulative $TICK has been making higher lows. Currently, the market is bouncing off a 50% correction of the mornings uptrend, which was supported by a bullish $TICK divergence.
Charles

5 comments:

  1. GOOD OBSERVATION THIS MORNING ON THE DIVERGENCE AT THE 884'S, I MISSED THAT, THANKS, STEVE

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  2. I'm wondering how long the market will sit in this 4 day range. Sometime market volatility will change with rollovers. I remember this happening in 2005. For the first three quarters, the ATR was 8 points. Then when the market rolled into the December Contract, the ATR starting increasing - I think to around 13.

    We may start seeing a decrease in volatility.

    Charles

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  3. hello Charles, This is amazing, I just reviewed my first video, (the one before the market opens), I talk about the comparision of the 884 level from the last two days, and you know, when I got trading and got on the wrong side of the market, I completely forgot that I was looking at that metric! Am I losing my mind or what! Thats is going to make a good Breif therapy Video snippet. The question is what catagory should it be under? "complete mental breakdown"? Any suggestions? LMAO!

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  4. ah! I just remembered that my feed froze up, and my data was 10 minutes off, to many distractions this morning!

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  5. Hi Steve,

    That same thing happened to me several weeks ago. It really does disrupt your train of thought in the early hours of trading.

    Well, looks like we finally broke the range. Was hoping for an upside break, but the market needs to close that gap.

    Charles

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