buy S&P's right here - 1142 *NM*

Sorry,went short a few minis at 1146..Will cover here (1135.50 ob)

I used to trade counter-trend non-stop. It's beautiful, because on a day like today, I can say this is all computers, this is shorts, it's a mirage, there's no volume filling in behind it! And then, since I know there aren't any sellers, I can play for volume to materialize on the long side, buy from the computer shorts, and look like a king if the uptrend resumes.


In truth, you have to average down straight through a move like that, but I didn't want to set a bad example on the Internet;) Counter-trend trading in public is bad enough, but you can't really post entries with the trend and get an honest timestamp. In truth, I should have blown out at 41 when I got slipped on the entry, and reentered lower, but I can't spend a commission selling when I don't believe there to truly be sellers.


Well, sometimes I can. In the old days, I always played that exact move for a 3:00 Eastern-ish entry, and I was tempted to wait today. I guess I'm trendier than I used to be, with good reason. In California, we used to call that "The Noon Balloon." On the East Coast, Bill, did you guys ever call it "The 3:00 Jiggle?"


Gosh, I played that wrong. Note to readers: That ridiculous squeeze up to the close, that is what I call a "tail." It means there are more trend traders than actual buyers and sellers. As if that ridiculous runup in the morning wasn't enough to convince you of this. Actually, I got a little scared when the guys on CNBC starting sayign it was all computers. I don't like compant, and that is why I barely slipped away from it with a profit.


eLROY

eLroy..Thee only reason I sold today you may find funny or foolish.My partner called me from the floor of the NYFE when the S&P was trading about 1146.He called to see how our currency position etc

was doing.He said "we should sell some S&P's here"

I said "ok,why not" The rest is history.

How's business down there? He can't be a local. He must be a broker, or run a business or something.


He should do a guest post on 2+2, and tell us about how market changes are impacting price behavior and his income:)


Seriously!


Tell him eLROY said "please."


eLROY

He is a member of CSCE and walks over to NYFE

after Sugar closes(same trading floor)