Monday, December 15, 2008

Seriously...

Posted by TraderMark at 3:47 PM TweetThis
We just went from S&P 858 to S&P 874 in the span of 5 minutes... 1.9% return. How the heck does the market change direction 2% in that amount of time?

Seriously, "they" are making a mockery of this market...

I wonder if anyone in the SEC is the least bit intellectually curious why this is happening.

Where's Fonzie when you need a shark to be jumped?

(click to enlarge)

Posted by TraderMark at 3:47 PM Comments (5) | Edit This Post | Create A New Post

5 comments:

Pankaj said...

It was an outrageous move - Damn I am pissed too as I was watching it. Its manipulated beyond belief by a few guys now.

December 15, 2008 4:04 PM  
billman101289 said...

Mark

If 960 broke cleanly we'd be headed down HARD

December 15, 2008 4:30 PM  
TraderMark said...

P,
For people who watch this stuff every day, this is what drives people away from the circus. Why bother when a position can explode away from you in 5 minutes like that. Even traders think this is ridiculous.

Bill, I am not super worried until below S&P 820 although sweating south of 840.

For now we remain in white noise. But the longer below resistance the worse. S&P 870 is like a magnet.

December 15, 2008 5:09 PM  
billman101289 said...

860 is key though.....it was intraday low that held on Friday after bad news. If that goes, then we're probably certain to test 820 and when i say goes i mean, cleanly is taken out especially on a close.

I know you usually use moving averages, I used to use those but I find good old price action T/A is the only way to go (most daytraders agree).

There is a lot of congestion in the 845-850 area, but I agree 820 is a cement floor, if it breaks, we'll see freefall, a few guys i know call for 600s if that breaks.
That would be interesting,

I loved how the PPT came in to defend 860 today. That is why I insist 860 is key



remember when you exposed the PPT protecting 1375 in early Juny because it was 50MA. I think the same thing is happening now.

December 15, 2008 6:28 PM  
TraderMark said...

850 was Fri intraday low, not 860.

I'm not a daytrader like you Bill ;)

December 15, 2008 7:00 PM  

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