Order for 07/30/2012 session:
Buy YMU12 @12,852 with 12,834 stop and 12,888 take-profit.
(Weekly Pivot Point @12,852)
July 29, 2012
July 25, 2012
07/24/2012 Session
No trades.
Standing order for 07/25/2012 - 07/27/2012 sessions:
Standing order for 07/25/2012 - 07/27/2012 sessions:
Buy YMU12 @12,402 with 12,384 stop and 12,444 take-profit.
(Weekly S2 support @12,404)
July 23, 2012
07/23/2012 Session
One trade:
Bought YMU12 @12,602, stopped out @12,580; P&L: -22 points.
Order for 07/24/2012 Session:
Buy YMU12 @12,402 with 12,384 stop and 12,444 take-profit.
Bought YMU12 @12,602, stopped out @12,580; P&L: -22 points.
Order for 07/24/2012 Session:
Buy YMU12 @12,402 with 12,384 stop and 12,444 take-profit.
(Weekly S2 support @12,404)
July 22, 2012
Dow 20,000: Hubris, Catharsis and Crybabys
The phrase "Dow 100,000", which I believe was the title of a book published with exquisite timing sometime in 1999, has become code for market hubris. The market gods have punished that type of hubris with a devastation to behold, as is their wont. My knowledge of Greek mythology is shamefully poor (I hope to do something about that one of those days and will be sure to add any future worthy book I read about the subject to the long list of books I have read and enjoyed featured on this blog - I would be very grateful for any recommendations by the way) but I believe the following principle: hubris angers the gods who then make sure predictions of the type "Dow 100,000" get ridiculed with, in this particular example, the brutal fact of Dow 6,500 (March 2009) - is Greek Mythology-compliant.
So is this New York Times article titled "The Long-Term Argument for Dow 20,000" going to meet with the same fate? Maybe or maybe not. After all, we've had about 10 years of angry gods unleashing their wrath on markets, banks, sovereign nations, etc... The wrath even seems to swell and frenetically ensnare more and more institutions and people lately (see J.P.Morgan, Jamie Dimon, Barclays, Libor, HSBC etc..., to name just a few items). It appears that any entity or person who, at any time in the recent and not-so-recent past, has harbored an arrogant or at the very least a self-satisfied thought in the face of this never-ending crisis for even a fleeting instant has been, is being or will be punished harshly. The process has seemingly become relentless. Getting back to my very hazy knowledge of Greek terminology, hubris appears to have morphed into some kind of (self)-destructive catharsis in the course of which anyone still standing is asking for punishment, ridicule, or worse. Laying low, keeping one's predictions to oneself, preparing for the worst and not even bothering hoping for the best, etc..., all start seeming like viable survival strategies.
That's it, I'm done rambling, lest Paul Krugman files this post under the "crybaby plutocrat symptom" (note: I'm neither a plutocrat nor a crybaby...OK, I may be a bit of a crybaby). About that Dow 20,000 call, all I'll say is: stranger things have happened.
So is this New York Times article titled "The Long-Term Argument for Dow 20,000" going to meet with the same fate? Maybe or maybe not. After all, we've had about 10 years of angry gods unleashing their wrath on markets, banks, sovereign nations, etc... The wrath even seems to swell and frenetically ensnare more and more institutions and people lately (see J.P.Morgan, Jamie Dimon, Barclays, Libor, HSBC etc..., to name just a few items). It appears that any entity or person who, at any time in the recent and not-so-recent past, has harbored an arrogant or at the very least a self-satisfied thought in the face of this never-ending crisis for even a fleeting instant has been, is being or will be punished harshly. The process has seemingly become relentless. Getting back to my very hazy knowledge of Greek terminology, hubris appears to have morphed into some kind of (self)-destructive catharsis in the course of which anyone still standing is asking for punishment, ridicule, or worse. Laying low, keeping one's predictions to oneself, preparing for the worst and not even bothering hoping for the best, etc..., all start seeming like viable survival strategies.
That's it, I'm done rambling, lest Paul Krugman files this post under the "crybaby plutocrat symptom" (note: I'm neither a plutocrat nor a crybaby...OK, I may be a bit of a crybaby). About that Dow 20,000 call, all I'll say is: stranger things have happened.
07/16/2012 - 07/20/2012 Sessions
No trades.
Orders for Monday 07/23/2012 session:
Orders for Monday 07/23/2012 session:
Buy YMU12 @12,602 with 12,579 stop and 12,644 take-profit.
(Weekly S1 support @12,589; daily S2 support @12,670)
Sell YMU12 @12,948 with 12,966 stop and 12,912 take-profit.
(Weekly R1 resistance @12,947 and daily R2 resistance @12,936; daily R1 resistance @12,854)
July 15, 2012
07/12/2012 and 07/13/2012 Sessions
No trades.
Order for 07/16/2012-07/20/2012 sessions:
Order for 07/16/2012-07/20/2012 sessions:
Buy YMU12 @12,502 with 12,484 stop and 12,544 take-profit.
(Weekly S1 support @12,502; daily S1 support @12,567)
July 11, 2012
07/11/2012 Session
One trade:
Bought YMU12 @12,502, stopped out @12,473; P&L: - 29 points.
Order for 07/12/2012 session:
Bought YMU12 @12,502, stopped out @12,473; P&L: - 29 points.
Order for 07/12/2012 session:
Sell YMU12 @12,598 with 12,616 stop and 12,562 take-profit.
(Weekly S1 support @12,606; daily Pivot Point @12,552)
July 10, 2012
07/10/2012 Session
No trades.
Orders for 07/11/2012 session:
Orders for 07/11/2012 session:
Buy YMU12 @12,502 with 12,473 stop and 12,538 take-profit.
(Weekly S2 support @12,484 and daily S1 support @12,496; daily Pivot Point @12,632)
Buy YMU12 @12,402 with 12,384 stop and 12,438 take-profit.
(Daily S2 support @12,408; daily S1 support @12,496)
July 9, 2012
07/09/2012 Session
No trades.
Order for 07/10/2012 session:
Order for 07/10/2012 session:
Buy YMU12 @12,502 with 12,473 stop and 12,544 take-profit.
(Daily S3 support @12,480 and weekly S2 support @12,484; daily S2 support @12,578)
July 8, 2012
07/06/2012 Session
No trades.
Orders for 07/09/2012 session:
Buy YMU12 @12,602 with 12,584 stop and 12,624 take-profit.
(Weekly S1 support @12,606; daily S1 support @12,628)
Sell YMU12 @12,948 with 12,966 stop and 12,912 take-profit.
(Daily R2 resistance @12,950; weekly R1 resistance @12,883 and daily R1 resistance @12,839)
July 5, 2012
07/05/2012 Session
No trades.
Orders for 07/06/2012 session:
Buy YMU12 @12,702 with 12,684 stop and 12,738 take-profit.
(Daily S2 support @12,710; daily S1 support @12,771)
Sell YMU12 @12,898 with 12,916 stop and 12,862 take-profit.
(Daily R1 resistance @12,915; daily Pivot Point @12,844)
July 3, 2012
06/28/2012 - 07/03/2012 Sessions
No trades.
Order for 07/05/2012 session:
Order for 07/05/2012 session:
Buy YMU12 @12,702 with 12,684 stop and 12,738 take-profit.
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