MATD was the morning theme with a solid upthrust that ran predictably to 2525+.
We suggested buy the pullback but doubted it had much in the way of follow through today.
The morning post on Twitter suggested the Monthly edge went to longs for buying pullbacks.in BOM bias.
Going into lunch MATD and the Primary Trade were done, but the muscle-up crowd fled yet again to another new high EOD.
We were afraid some longs would be complacent.
Don’t know why I worry about the longs; they know how to take care of things.
Zoom Room
09:15:47 From Dennis Parmelee : good morning
09:15:54 From Howard Lu : GM
09:17:01 From Renato : GM E
09:28:12 From Dennis Parmelee : two way day
xx
09:40:54 From Dennis Parmelee : 6 grand nq is a key idea
09:45:02 From Dennis Parmelee : bots are defending angel right now
09:45:26 From Dennis Parmelee : missing about 3 ticks for gap
09:45:47 From Dennis Parmelee : will need several entries short today
09:46:00 From Dennis Parmelee : matd says buy pb
09:46:15 From Dennis Parmelee : but cant count on any new high above defined range
xx
10:12:58 From Zeek Snodgrass : shorts trapped now due to HH
10:13:12 From Zeek Snodgrass : once squeeze done we should fill gap
10:13:33 From Zeek Snodgrass : shorts
10:14:26 From Zeek Snodgrass : wash rinse repeat as we squeeze the shorts 80% of the time
10:15:33 From Zeek Snodgrass : only index that can crash this month is VIX
10:16:55 From Dennis Parmelee : t1 26.75
10:17:12 From Dennis Parmelee : matd buyers stops up
10:17:27 From Zeek Snodgrass : no demon
xx
10:19:33 From Dennis Parmelee : 25.75 is xx
10:20:32 From Renato : I like it
10:20:33 From Dennis Parmelee : 28 resist anyone shorting
10:21:07 From Dennis Parmelee : brb
10:27:50 From Zeek Snodgrass : largest first hour volume in a long time
10:28:06 From Zeek Snodgrass : thinkiing may be final short capitualtion
10:28:06 From Simon : http://money.cnn.com/data/fear-and-greed/
10:30:40 From Dennis Parmelee : pay day 22.5 to 21.5
10:31:52 From Zeek Snodgrass : I thinks odds are improving for 2 way day
10:33:24 From Dennis Parmelee : 23.75 demon
10:33:54 From Dennis Parmelee : 9 point range
10:34:02 From Dennis Parmelee : risk reward now
10:34:07 From Dennis Parmelee : matd done
10:34:48 From Zeek Snodgrass : feels like shorts gap up about 15 minutes ago
10:35:21 From Zeek Snodgrass : shorts gave up and covered
10:35:55 From Zeek Snodgrass : volume about 40% above normal
10:35:56 From Zeek Snodgrass : yes
10:36:05 From Dennis Parmelee : capitulation
10:36:12 From Zeek Snodgrass : you never know
10:36:16 From Dennis Parmelee : zero hedge said lets go long
10:36:27 From Zeek Snodgrass : we had another 45 minute program with no red candles
10:37:20 From Zeek Snodgrass : ISIS claims Vegas shooter was one of theirs
10:37:32 From Simon : Bank of America did say the blow off Icarus Rally is here
10:37:49 From Zeek Snodgrass : thanks Simon
10:38:24 From Zeek Snodgrass : rth low can and should eb taken out
10:42:07 From Zeek Snodgrass : can’t use logic when trying to make sense of chaos
10:44:09 From Simon : say that again?
10:44:22 From Simon : why/how you moved that pred chart?
10:45:04 From Simon : ah never mind
10:46:02 From Simon : its fine
10:49:01 From Simon : other way? not sure if course is long enough to see that
10:51:06 From Dennis Parmelee : use ss
10:51:18 From Zeek Snodgrass : yes
xx
10:54:27 From Dennis Parmelee : need five
10:57:56 From Zeek Snodgrass : 20.75 globex demon, need to get below for bears to get the edge
xx
11:12:05 From Zeek Snodgrass : Oct is not a bullish month
11:12:31 From Zeek Snodgrass : with current environment it is best to think range trade and watch for signs it is something more
11:12:41 From Zeek Snodgrass : boys are selling to Charlie today
xx
11:13:49 From Zeek Snodgrass : we traded 85 last monday
11:14:03 From Dennis Parmelee : yes
11:14:11 From Zeek Snodgrass : front month oil appraoching $50
xx
11:14:42 From Zeek Snodgrass : I ready about 6 weeks ago that 132 mln barrels are unaccounted for in the weekly survey
xx
11:23:50 From Dennis Parmelee : 20.25 is bottom of pipe
11:23:58 From Dennis Parmelee : paid if smart
11:24:24 From Dennis Parmelee : take several pieces
11:24:41 From Dennis Parmelee : try for the idea of 4 to 5 points day after day
11:31:27 From Dennis Parmelee : taking quick break
11:31:32 From Dennis Parmelee : pfs 20
12:06:34 From Dennis Parmelee : get 19 that is 80/20 rule
xx
12:07:19 From Dennis Parmelee : if lunch trading take what u can short side
12:42:59 From Dennis Parmelee : dont ot lunch
12:45:12 From Zeek Snodgrass : back
13:13:07 From Dennis Parmelee : paid if long by 23.5/23.75
13:13:50 From Dennis Parmelee : demon and overnighthigh test
13:40:38 From Dennis Parmelee : we need a small rotation short i think
13:40:58 From Dennis Parmelee : 22 ish maybe
xx
14:07:08 From Dennis Parmelee : step by ste 1 box at a time
14:07:23 From Dennis Parmelee : 7/8 day’s range hit
14:07:33 From Dennis Parmelee : nq rejected 6k
14:14:43 From Dennis Parmelee : risk 2 make 2
14:15:27 From Dennis Parmelee : shorts have accomplished very little today
14:16:00 From Dennis Parmelee : until they undermine the ovrnight low and close the gap, I am unimpressed
14:18:46 From Simon : rotation happening not risk off. FANG sold, DOW parts bought
14:20:25 From Dennis Parmelee : thank u Simon
14:20:42 From Zeek Snodgrass : Catalyst: Fed files for bankruptcy
14:20:59 From Simon : DOW been funny today, for fours hours every 10 points (just 10) has been BTD and new high, wait an hour another 10 pts dip and bought LOL
14:21:22 From Simon : that’s 0.05% hehe
14:21:29 From Zeek Snodgrass : can’t find the road without a map
14:22:05 From Zeek Snodgrass : There will be a day where the algos all go to sell at the same time
14:22:06 From Zeek Snodgrass : yes
14:22:16 From Zeek Snodgrass : but only goes one direction
14:22:55 From Zeek Snodgrass : Bitcoin may be the end of the big banks
14:23:05 From Zeek Snodgrass : breaks their monopoly
14:23:13 From Zeek Snodgrass : central banks are toast
14:23:19 From Zeek Snodgrass : lost trillions
14:23:35 From Simon : oh dear , Rex next lol – “WHITE HOUSE SAYS TRUMP STILL HAS CONFIDENCE IN REX TILLERSON AS SECRETARY OF STATE” …
14:24:03 From Zeek Snodgrass : Trump know that talk with NKorea are a delaying tactic
14:24:15 From Simon : bb in 10, kiddie story time!
14:24:30 From Zeek Snodgrass : they must be out of gun poweder to make their rockets zoon
14:24:33 From Zeek Snodgrass : zoom
14:25:04 From Zeek Snodgrass : start thinking xx
14:39:50 From Dennis Parmelee : i dont like the formation
14:40:02 From Dennis Parmelee : seems ill defined
14:40:23 From Dennis Parmelee : paid for sure +/- 1 point of high
14:41:30 From Dennis Parmelee : trend traders after 230
14:41:37 From Dennis Parmelee : as zeek says
14:41:46 From Dennis Parmelee : think edge diminishing
14:42:14 From Dennis Parmelee : 2 pb were bought today
14:42:20 From Dennis Parmelee : xx
14:42:23 From Dennis Parmelee : xx
14:42:36 From Dennis Parmelee : xx
14:45:02 From Zeek Snodgrass : pb are extinct
14:46:50 From Zeek Snodgrass : Golden age of central banl manipulation is still playing out
14:47:23 From Zeek Snodgrass : almost 2:50 for HH
14:49:02 From Zeek Snodgrass : bbi 5
15:02:53 From Simon : its gonna try
15:02:58 From Simon : last hour movement?
15:03:01 From Simon : hehe
15:07:01 From Dennis Parmelee : simon 3 min
15:07:12 From Dennis Parmelee : if i dont like pattern on 5
15:07:22 From Dennis Parmelee : i drop to 2 or 3
15:07:29 From Dennis Parmelee : can see it better
15:11:42 From Simon : IB still not broken
15:11:54 From Simon : lol yet
15:12:50 From Dennis Parmelee : risk reward coming in last hr
15:12:58 From Dennis Parmelee : 26.75 target not yet achieved
15:13:11 From Dennis Parmelee : that is t1 today
15:13:20 From Zeek Snodgrass : firsxt sign bears in trouble is no gap fill
15:13:42 From Zeek Snodgrass : low volume market, so anything can happen with ease
15:13:59 From Zeek Snodgrass : passive investing is all the rage
15:14:12 From Zeek Snodgrass : and will lead to something large and unexpected
15:14:19 From Dennis Parmelee : btdip
15:14:34 From Dennis Parmelee : yes exogenous event
15:14:49 From Dennis Parmelee : traders last 10 years dont know a bear market
15:16:16 From Simon : yen moving
15:16:26 From Dennis Parmelee : profit taking
15:17:15 From Dennis Parmelee : 10 and 2
15:17:30 From Dennis Parmelee : 10 bars up 2 points
15:17:37 From Dennis Parmelee : 2 bars down 2 points
15:17:50 From Dennis Parmelee : 23.5 is overnight high
15:17:58 From Simon : I blinked 🙂
15:18:08 From Dennis Parmelee : very tough to trade 2 point range
15:18:17 From Dennis Parmelee : morning swing was better
15:18:22 From Dennis Parmelee : usually is
15:19:00 From Zeek Snodgrass : Playoff baseball tomorrow
15:19:21 From Zeek Snodgrass : one game sudden death
15:19:21 From Dennis Parmelee : that time of year zeek
15:19:28 From Dennis Parmelee : jets did ok
15:19:46 From Zeek Snodgrass : one more winable game next week and then 11 losses in a row
15:19:51 From Dennis Parmelee : giants uh oh
15:20:01 From Zeek Snodgrass : giant are going to fire everyone
15:20:07 From Zeek Snodgrass : coach gm and OBJ
15:20:19 From Zeek Snodgrass : can’t win without and offensive line
15:20:43 From Zeek Snodgrass : they are cry babies
15:20:53 From Zeek Snodgrass : coach is afraid of the players
15:21:11 From Zeek Snodgrass : missed it
15:21:33 From Dennis Parmelee : hunt
15:21:39 From Zeek Snodgrass : e running back?
15:21:40 From Dennis Parmelee : kc chiefs
15:21:47 From Zeek Snodgrass : he is a rookie
15:21:54 From Zeek Snodgrass : made a huge impact
15:22:14 From Zeek Snodgrass : players have no clue what they are doing
15:22:19 From Zeek Snodgrass : and owners are afraid
15:22:34 From Zeek Snodgrass : TV rating in one way down move
15:22:50 From Zeek Snodgrass : Owners in big financial trouble
15:22:59 From Zeek Snodgrass : may have tgo give back 500 million
15:23:15 From Zeek Snodgrass : smaller TV audience
15:23:46 From Zeek Snodgrass : I am doing my homework to get rid of cable TV
15:23:56 From Dennis Parmelee : http://fox4kc.com/2017/09/24/chiefs-ceo-issues-statement-as-more-nfl-players-join-protests-during-national-anthem/
15:26:00 From Dennis Parmelee : too early to tell about closing
15:26:10 From Dennis Parmelee : one more high maybe
15:30:09 From Dennis Parmelee : 330 rule
15:30:16 From Dennis Parmelee : manage trailers
15:30:20 From Dennis Parmelee : if weak side
15:30:23 From Dennis Parmelee : meaning short
15:30:29 From Dennis Parmelee : can try scalp short
15:30:41 From Dennis Parmelee : 1 to 2 point stop above high
15:30:55 From Dennis Parmelee : alternatively wait for new high
15:30:58 From Dennis Parmelee : then try
15:31:05 From Dennis Parmelee : be willing to miss trade
15:35:27 From Dennis Parmelee : i dont like short yet
15:35:36 From Dennis Parmelee : still feels squeeze
15:35:41 From Dennis Parmelee : willing to miss
15:36:14 From Dennis Parmelee :xx
15:37:38 From Zeek Snodgrass : dfd cya tomorrow
15:37:46 From Dennis Parmelee : ok z g n
15:38:04 From Zeek Snodgrass : 🙂
15:45:00 From Renato : Thank you for your help, E.
15:45:06 From Renato : appreciated as usual.
15:45:22 From Renato : see you
15:47:43 From Dennis Parmelee : lock profits
15:47:55 From Dennis Parmelee : ok i will post after close
15:48:01 From Dennis Parmelee : done for day
15:49:05 From Evan’s iPhone : Thank you E
15:49:07 From Dennis Parmelee : hope u had a good one
15:51:17 From Dennis Parmelee : thank u Evan
15:52:40 From Dennis Parmelee :xx targets 26.5
16:22:38 From Dennis Parmelee : 26.5 target hit
16:22:57 From Dennis Parmelee : xx
16:26:17 From Dennis Parmelee : https://content.screencast.com/users/EMWS/folders/Jing/media/1fbfe661-f6be-4b18-92d6-ec25234f2daf/2017-10-02_1623.png
Videos
Eight private videos today for DT4$2
Slack
Zeek Snodgrass [8:00 AM] gm
Renato Santos [8:04 AM] GM
evan [8:10 AM] gm
Zeek Snodgrass [8:16 AM] this another MATD day. we have already exceeded Friday’s high by more than 5 pts. MATD could be done and we get range trade or a a pullback
Zeek Snodgrass [8:23 AM] most of the volume was in first 2 hours last night
[8:23] stop run and then pb[8:23] now sideways range[xx
Renato Santos [8:24 AM] thanks, Zeek.
Zeek Snodgrass [8:35 AM] back
[8:35] 18 angel and 20.75 demon
Zeek Snodgrass [8:42 AM] First day of new month and quarter. It is a wild card day. we may get a pullback while everyone is looking for continuation
eminiwizard
[8:49 AM] good morning
[8:50] nice posts zeek[8:50] i am using 18 xx
[8:50] that makes itxx 8:50] and odds just as good for shorts xx 17 as gap
Zeek Snodgrass [8:52 AM] xx
[8:52] xx
eminiwizard[8:53 AM] 2508.25 is xx marker so using that
[8:53] thanks z
Zeek Snodgrass [8:54 AM] 2528 is xx
eminiwizard [8:54 AM] xx = 2524.25
[8:54] xx https://content.screencast.com/users/EMWS/folders/Jing/media/b3a4908d-523d-4e93-9910-13d61a7a8e70/2017-10-02_0715.png (112kB)
[8:55] https://content.screencast.com/users/EMWS/folders/Jing/media/0e53dd9e-5be5-47c5-a096-b72df652d045/2017-10-02_0741.png (75kB)
[8:56] need one sharp pullback day for buying
[8:56] 18/ 17.75 is retest[8:57] for current support the last low on fri is key[8:58] that 12.5 … remember 11.75/12.5 get paid?
[8:58] that is the key squeezer
[9:01] https://content.screencast.com/users/EMWS/folders/Jing/media/75c940e3-82b3-4343-9801-febfe63d1de7/2017-10-02_0900.png (17kB)
tradingsimon [9:04 AM] Making a new ATH o/n – are the odds that that gets tagged high in RTH?
[9:05] will it be a magnet?
eminiwizard [9:08 AM] probably high odds for retest failure
[9:08] but not necesarily tagged[9:09] for now paid for sure if short by 18.5 to 17.75[9:09] clearly important zone[9:10] grab a point or 1.5 pre market if can[9:11] matd usually can buy a pb[9:11] dont get married to it[9:11] we need small bounce to trap longs too[9:12] if thats what it is[9:12] could be another rocket day[9:12] i doubt it though[9:12] i like 8 to 12 support[9:12] 28/32 resist[9:12] 18/22 middle[9:13] let me get zoom up[9:14] https://zoom.us/j/777943243
Chasers who are finally getting religion drop losers and try again ow.ly/tRjy30fzoyc #ES_F 2508.25 swing support for DT4$2
DT4$2 using 2528 to 2532 as resistance, agg support 2512.5 ow.ly/4HG330fzqwY
There are deeper issues other than investments according to Armstrong ow.ly/oQbq30fzsY3
#ES_F Squeeze pivot got T1 ow.ly/pcgx30fAuSJ DT4$2
