Lift Off

Higher Highs and Higher Lows

Noisy Liftoff

We looked at today’s range trade as testing the 2675.25 year open.

The convenient trade premarket was long side, with 62/65as first targets, then the 2669 gap fill,  72 to 76.25. Must be paid, and 82 as theoretical resistance

Assumed support was 55/52, and doubtful 48 would break if we took out yesterday’s52. Premise was we are in Day Two of the Liftoff, in what presumably is is a bear flag as we gain traction off the lows.

From Yesterday:

We advised traders to ignore the hype and snarky comments that are prevelant on sites like Twitter. What value does it add to our life to argue with the silly traders who want to taunt the bears or the bulls?

Their Bias is so strong they need to defend their opinion publicly; a sure-fire method of missing some good trades that materialize in BOTH directions.

I noticed some Bulls acting if this 300 point drawdown wasn’t a significant achievement for the Bears. Wait until next year is their motto.

Why wait? Traders love the opportunity to play the game and capture pieces of the swings as the market moves.

We have undermined many milestones, including year middle, last year’s high, and this year’s open.

Worth repeating.

15 minute RTH was elected as our primary chart, along with the 60 globex.

Many calls being made on Twitter amount to little more than “noise”, so we focus on our system ideas and common sense. Follow a few market participants like those found on our Friends to follow section to filter out the crowd.

 

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Schizo / Phrenic

09:12 E i think schizophrenic moves possible as market seems confused as to what it wants to do. convenient traders trying for 62/65, will take multiple entries today. sidelines if conservative agg longs trying from 52/55 support, (convenient trade)

1:28 E 64 floor right now holding tight, propped up 2:10 E 64 intact, paid for sure by 82 #EMWS 10:34 Melisa : is this the 2nd day of Taylor technique? 10:36 E yes, day 2 of bounce ow.ly/9es930mM1lv

Noise

Noise proves nothing.
Often a hen who has merely laid an egg cackles as if she laid an asteroid.

-Mark Twain

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