The meager trading ranges lately are disturbing to traders looking for action.
We have been back to the rain line a few times this week but the narrow consolidation continues.
What’s a trader to do?
Wait for better days or move to a vehicle that is moving.
Shorts cannot put the longs away, and it seems that every dip is being bought…until it isn’t.
Keying off the scene of the crime 2549.25 for now.
Shorts are getting mighty thirsty, we need some action below the rain line to get it.
Slack
Zeek Snodgrass [8:26 AM] gm
[8:26] PPI in 3 minutes
[8:27] jobless claims too
[8:27] Fed failed the smell test yesterday
eminiwizard [8:35 AM] gm
[8:36] https://www.screencast.com/t/b1rRfxU87
[8:36] xxxx
[8:36] xxxxx
[8:36] xxxx
[8:37] this is contra
[8:37] since we never had one yesterday
[8:37] xxxx ends at 47.75
[8:37] xxxxxxx 46.25
[8:38] should be paid first time back by 46.25
[8:38] and using 49.25 soc as a guide
[8:39] simon wants his 42
[8:39] we shall see
[8:39] currently an inside day makes sense
[8:40] https://content.screencast.com/users/EMWS/folders/Jing/media/36f8b2ef-4b4c-498a-8c94-991fd8144288/2017-10-12_0724.png
[8:40]
https://content.screencast.com/users/EMWS/folders/Jing/media/821eab41-3cd9-411d-a384-cac528c030fd/2017-10-12_0653.png
[8:41] https://content.screencast.com/users/EMWS/folders/Jing/media/2b1b76f0-ffa4-478b-8df4-f21b5fcd913a/2017-10-12_0741.png
Zeek Snodgrass [8:41 AM] Squeezed the shorts into the close yesterday now we are squeezing the holdover longs and early longs
[8:41] only game left except for Monopoly
eminiwizard[8:42 AM] weak hands again being shaken out
[8:42] right
[8:42] and Thursday rule
[8:44] 48 angel and 51.75 demon
[8:44] bbial
[8:44] 2 way day expected
[8:45] inside day first
Mike M [8:48 AM] gm
eminiwizard[9:02 AM] hi mike
[9:02] reminder 9 am rule
di [9:04 AM] what is the 9 am rule again?
eminiwizard [9:09 AM] di that rule suggests xxxxxxx
[9:10] typically xxxxx
[9:10] i figure that is a normal idea xxxxxx
di [9:10 AM] gotcha, yes thank you for the reminder!
eminiwizard [9:11 AM] u bet
Zeek Snodgrass [9:12 AM] 45.5 yest globex angel
[9:12] 44.25 low
[9:12] 41 is xxxxx
[9:12] 14 pt range for the week
eminiwizard[9:12 AM] https://zoom.us/j/461303969 zoomer
Zeek Snodgrass [9:13 AM] all those short option premium and volatility are winning
eminiwizard[9:15 AM] https://www.theocc.com/components/docs/about/publications/xcal2017.pdf
Mike M [9:16 AM] big time z
Wrapping up DT4$2 course tomorrow. Intense details and focused analysis for serious students.
DT4$2 use SOC as guide for now ow.ly/BgpZ30fPcJf
DT4$2 as discussed, overnight pullback is yesterday’s contra ow.ly/EDtf30fPeIX PFS by 46.5 if short
DT4$2 awareness ow.ly/TbVU30fPg1M
09:29 E : 46.25 support for half gap / DT4$2 keep track of these ideas as day progresses http://ow.ly/v8Ef30fQ8Bu
zOOm
09:14:53 From Dennis Parmelee : good morning
09:15:00 From Dennis Parmelee : thanks zeek
09:15:11 From Dennis Parmelee : https://www.theocc.com/components/docs/about/publications/xcal2017.pdf
09:22:23 From Zeek Snodgrass : options expiration next week
09:24:22 From Renato : GM ALL
09:28:24 From Dennis Parmelee : testing 46.25 possible so at the open xxx
09:29:12 From Dennis Parmelee : 46.25 support for half gap
09:29:33 From Dennis Parmelee : 52.75 gap
09:30:05 From Dennis Parmelee : hit a bounce using 51 resistance if u like ss
09:31:15 From Dennis Parmelee : half gap is 2550.88
09:34:12 From Dennis Parmelee : 49.75 is xxxx
09:34:22 From Dennis Parmelee : and retesting soc
09:34:55 From Dennis Parmelee : hi and run
09:35:08 From Dennis Parmelee : try for 1 to 2 points if trading IB
09:35:14 From Zeek Snodgrass : first bar is a doji
09:43:48 From Zeek Snodgrass : no angel no demon so far
09:49:00 From Dennis Parmelee : 46.25 support
09:49:08 From Dennis Parmelee : dont overthink it
09:49:13 From Dennis Parmelee : rain line hit
09:49:21 From Dennis Parmelee : ned to chew it
09:49:29 From Dennis Parmelee : stay under the other emas
09:54:41 From Dennis Parmelee : what a shame volatility has leftthe building with Elvis
10:01:39 From Zeek Snodgrass : 2 Fed speakers at 10:30
10:01:46 From Zeek Snodgrass : Powell will be the most watched
10:04:26 From Dennis Parmelee : make 2 grab it
10:09:05 From Dennis Parmelee : MATD says buy
10:09:15 From Dennis Parmelee : but dont expect new high
10:09:22 From Dennis Parmelee : and intraday
10:09:28 From Dennis Parmelee : since this is contra
10:09:41 From Dennis Parmelee : can reasonably expect to hit BOUNCE
10:16:29 From Dennis Parmelee : PFS by 2550.75 if long
10:16:37 From Dennis Parmelee : half gap trade
10:22:20 From Zeek Snodgrass : options ex next week
10:22:33 From Zeek Snodgrass : not this week
10:22:48 From Zeek Snodgrass : Oct 20th
10:23:39 From Zeek Snodgrass : They are puttimg everyone to sleep
10:24:46 From Dennis Parmelee : lol
10:24:52 From Dennis Parmelee : thanks for correcting me
10:30:26 From Dennis Parmelee : day opened 52.25
10:30:47 From Dennis Parmelee :xxx right now
10:31:04 From Dennis Parmelee : nq made another high
10:31:13 From Dennis Parmelee : xxxx use there for now
10:31:41 From Dennis Parmelee : dtop testing 88.5
10:32:07 From Dennis Parmelee : this is second effort at squeezing shorts
10:34:22 From Dennis Parmelee : rescue mission
10:35:02 From Dennis Parmelee : trailers above half gap if have it
10:39:02 From Zeek Snodgrass : may get xxxx first
10:39:32 From Zeek Snodgrass : that would elimate most of shorts
10:39:39 From Dennis Parmelee : ok
10:39:50 From Zeek Snodgrass : get the CNBC party machine going
10:41:53 From Dennis Parmelee : lol
10:42:15 From Dennis Parmelee : using xxxxx
10:42:26 From Dennis Parmelee : so 49 important as soc
10:42:35 From Dennis Parmelee : and xxxxxx
10:49:39 From Dennis Parmelee : i think chop suey today
10:49:50 From Dennis Parmelee : two way nonsense
10:50:02 From Dennis Parmelee : 5 point pb is miniscule
10:50:09 From Dennis Parmelee : so cant get tooo bearish
10:50:24 From Dennis Parmelee : but dont want to get too agg long either
10:52:48 From Renato : NOT a single red month since Oct, 2016
10:58:22 From Dennis Parmelee : yippeee kay aye at 49.75
11:15:15 From Dennis Parmelee : primary trade is up today
11:15:37 From Dennis Parmelee : using xxxx
11:15:55 From Dennis Parmelee : and i think shorts need to undo 49
11:16:02 From Dennis Parmelee : or else squeeze
11:26:37 From Dennis Parmelee : question
11:26:39 From Dennis Parmelee : do
11:26:44 From Dennis Parmelee : you
11:26:48 From Dennis Parmelee : really
11:26:51 From Dennis Parmelee : want
11:26:54 From Dennis Parmelee : to
11:26:57 From Dennis Parmelee : trade
11:26:59 From Dennis Parmelee : right
11:27:02 From Dennis Parmelee : now
11:27:15 From CS : nope
11:28:04 From Dennis Parmelee : thank u
11:28:04 From CS : lol
11:30:05 From Zeek Snodgrass : lunch bbl
11:36:33 From Dennis Parmelee : 2563.75 is xxxxxxx
11:36:40 From Dennis Parmelee : within ten points
11:39:34 From Dennis Parmelee : lunch tming for shorts
11:39:40 From Dennis Parmelee : primary done
11:39:50 From Dennis Parmelee : stop 54 for 49 test
11:40:20 From Dennis Parmelee : longs agg trailers above 50.5
11:40:26 From Dennis Parmelee : xxxxxx
11:44:48 From Dennis Parmelee : gap close is 52.75
11:45:10 From Dennis Parmelee : a snail could get there quicker
11:47:34 From Dennis Parmelee : trap and squeeze more than everyone piling in longside
11:50:37 From Dennis Parmelee : relax
11:51:04 From Dennis Parmelee : squeeze trade is unlikely to do much next half hr
11:51:22 From Dennis Parmelee : gap traders paid by 52.75 or 3 pm
11:51:31 From Dennis Parmelee : whichever comes first
11:51:36 From Dennis Parmelee : lol
11:51:47 From Dennis Parmelee : by noon
11:52:53 From Dennis Parmelee : gap is closed
11:53:19 From Dennis Parmelee : taking break
11:54:58 From Dennis Parmelee : target is 53.75 to 54 for longs
11:55:11 From Dennis Parmelee : so that is resstance for now
11:55:35 From Dennis Parmelee : 90 hit NQ
12:08:49 From Dennis Parmelee : xxxx
12:09:04 From Dennis Parmelee : xxxxxx
12:29:27 From Dennis Parmelee : sad but true
12:29:44 From Dennis Parmelee : 1.5 times ib range = 53.25
12:30:45 From Dennis Parmelee : ib high retest 51.25
12:35:38 From Dennis Parmelee : 50.25 days middle
12:35:48 From Dennis Parmelee : i was hoping 49 retest
12:36:49 From Dennis Parmelee : if u short u get used to being squeezed
12:36:59 From Dennis Parmelee : drop back and punt
12:37:05 From Dennis Parmelee : try again
12:42:41 From Zeek Snodgrass : hi
12:44:09 From Zeek Snodgrass : hope it does not stay like this much longer
12:44:11 From Dennis Parmelee : shorts need to undo 49 then 46
12:44:37 From Dennis Parmelee : to effect any meaning ful ???
12:45:09 From Zeek Snodgrass : fun to watch, played for their manager last 3 games
12:45:53 From Zeek Snodgrass : MIT grad
12:46:16 From Zeek Snodgrass : Electrical Engineer
12:49:37 From Zeek Snodgrass : Red Sox fired their manager and said he was gone no matter hwo far they got in playoff
12:49:52 From Dennis Parmelee : 49 target?
12:49:59 From Dennis Parmelee : with luck
12:51:21 From Zeek Snodgrass : 51 is IB high, so this is retest of IB breakout
12:52:08 From Zeek Snodgrass : new low for oil
12:52:26 From Zeek Snodgrass : go a jump up Tuesday on OPEC jawboning, that has all been erased
12:56:06 From Mike : financials, XLF, unable to get going north since open
13:04:29 From Dennis Parmelee : what a tough range this week
13:04:36 From Dennis Parmelee : thanks zeek
13:14:32 From Renato : agree, not easy at all this week so far, small profits only.
13:15:16 From Dennis Parmelee : xxxxx
13:25:18 From Dennis Parmelee : sidelines ok right now
13:25:49 From Dennis Parmelee : if bought 51 paid for sure by 53.5
13:26:16 From Dennis Parmelee : flat here and wont beat my brains out
13:34:57 From Dennis Parmelee : xxx s the current target based on xxxxx
13:35:24 From Dennis Parmelee : that would xxxxxx
13:36:24 From Dennis Parmelee :xxxxx
13:36:50 From Dennis Parmelee :xxxxxxxx
13:37:01 From Dennis Parmelee : xxxxxx
13:37:09 From Dennis Parmelee : xxxxxxxx
13:37:27 From Dennis Parmelee : step by step
13:38:11 From Dennis Parmelee : if u want new high, need stop 49/ 50 ish
13:41:07 From Zeek Snodgrass : bbi 10
14:06:05 From Dennis Parmelee : 10 days?
14:06:36 From Dennis Parmelee : do not average in
14:06:53 From Dennis Parmelee : do not think u cannot be squeezed into the close
14:07:05 From Mike : have to run for the day
14:07:06 From Mike : thanks E
14:07:23 From Dennis Parmelee : boyz have been consistently trapping shorts and squeezing
14:15:09 From Zeek Snodgrass : lack of volume is deeply troubling
14:15:46 From Zeek Snodgrass : indicates fast up, much faster down
14:16:00 From Zeek Snodgrass : Fed error in 3 weeks will be the trigger
14:16:22 From Zeek Snodgrass : Fed trying to fix the price of everything with littel or no cost
14:16:31 From Dennis Parmelee : boxed in
14:16:32 From Zeek Snodgrass : It simply does not work that way
14:16:49 From Dennis Parmelee : cant solve pension crisis without raising rates
14:16:55 From Zeek Snodgrass : There is a cost for any and all economic changing policies
14:17:34 From Zeek Snodgrass : until we have unlimited fusion power, the laws of physics still apply to the economy
14:17:59 From Zeek Snodgrass : Lo0ok at teh bottom of the barrel quality of our leaders
14:18:17 From CS : Dennis- do you have a monthly subscription to Armstrong’s Socrates? I have had it a couple of months now and it is really great- only $15/month and you get private blog access
14:18:31 From Zeek Snodgrass : Remember the kid always asleep in the back oif class?
14:18:46 From CS : you will love it
14:19:02 From Zeek Snodgrass : He is the one writing the rules you have to follow
14:19:11 From Zeek Snodgrass : trading markets
14:22:14 From Zeek Snodgrass : may be first to go bankrupt
14:22:32 From CS : yw
14:25:42 From Dennis Parmelee : bill and hillary especially written for zeek
14:27:49 From CS : great movie
14:28:01 From CS : yeah
14:28:11 From CS : chicago
14:28:21 From CS : oh man
14:28:56 From Di : where in chicago? im in palatine
14:29:22 From CS : i am in Lakeview East
14:31:36 From Zeek Snodgrass : take s a week to cover the ground we covered in a single day’
14:32:49 From Zeek Snodgrass : hot until today
14:32:55 From Zeek Snodgrass : more like fall for a few days
14:33:05 From Zeek Snodgrass : it has been tripical last 4-5 weeks
14:34:24 From Zeek Snodgrass : I think we are seeing th first sign of a possible reversal down
14:34:49 From Zeek Snodgrass : we are at the point that hte market has to go up or fall under the weight of profit taking
14:35:34 From Zeek Snodgrass : I think a possible catalyst for market reversing is xxxxxx
14:35:56 From Zeek Snodgrass :xxxxxis too busy being xxxxx
14:36:05 From Zeek Snodgrass : their performance has been bad last 5 years
14:36:45 From Zeek Snodgrass : fwiw crude oil has traded more contracts than ES
14:39:12 From Dennis Parmelee : i would like to see small pb
14:39:14 From Dennis Parmelee : a contra
14:39:28 From Dennis Parmelee : need xxxx
14:39:35 From Dennis Parmelee : to show a big boy in it
14:46:11 From Dennis Parmelee : flush the 50’s would be small victory
14:50:38 From Dennis Parmelee : yippieee
14:51:43 From Dennis Parmelee : mirror bar back to rain
14:52:46 From Dennis Parmelee : angel 48.75
14:53:03 From Zeek Snodgrass : dfd watch volume for spikes rest of day
14:53:11 From Zeek Snodgrass : narrow doorway to exit
14:54:02 From Zeek Snodgrass : North Korea may have test another atomic bomb
14:57:12 From Dennis Parmelee : ty zeek
15:00:42 From Dennis Parmelee :xxxxxx
15:00:58 From Dennis Parmelee : xxxx
15:01:04 From Dennis Parmelee : xxxxxx
15:01:24 From Dennis Parmelee : i think high in for day
15:01:36 From Dennis Parmelee : so agg re entry shorts 52/53
15:06:19 From Dennis Parmelee : neutral
15:06:25 From Dennis Parmelee : need to see close
15:06:34 From Dennis Parmelee : retest failure
15:06:43 From Dennis Parmelee : then under 49
15:06:49 From Dennis Parmelee : not yet
15:07:02 From Dennis Parmelee : hit the mid yest hidden pivot
15:13:51 From Dennis Parmelee : 51 is xxxx
15:13:59 From Dennis Parmelee : above good fortune
15:14:21 From Dennis Parmelee : throwback line is 51.25
15:15:23 From Dennis Parmelee : second entry longs
15:15:33 From Dennis Parmelee : think small
15:18:20 From Dennis Parmelee : longs xxxx
15:18:25 From Dennis Parmelee : xxxxx
15:21:37 From Dennis Parmelee : better odds buying pullbacks than riding a trailer at these highs
15:36:42 From Dennis Parmelee : protect profits if any
15:43:21 From Dennis Parmelee : yeehaaa at 48
15:47:38 From Dennis Parmelee : flush is take out 47 and 46
15:47:44 From Dennis Parmelee : as we talked
15:55:13 From Dennis Parmelee : collect $ if short
15:55:17 From Dennis Parmelee : no new tradse
15:55:22 From Dennis Parmelee : xxxx done
15:56:10 From CS : thanks E- see ya!
15:56:10 From Renato : Thanks E!
15:56:24 From Renato : enjoy!
15:56:39 From Renato : small profits only, not bad.
15:56:41 From Renato : bye now.
15:56:49 From Dennis Parmelee : bye for now
15:57:09 From Dennis Parmelee : xxxxx
16:19:37 From Dennis Parmelee : close 49.5
16:19:52 From Dennis Parmelee : rain delay just now for my swim
16:19:55 From Dennis Parmelee : lol