iBankCoin
I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,789 Blog Posts

Sellers Still in Command

The correction lower showed early signs of stabilization overnight by balancing out amidst weak Asian markets.  The sellers however still hold the upper hand in the current environment, especially given the pace with which we distributed lower.  Less active participants who bought the #NoTaper headline may be considering trying to reduce exposure on any upward move which makes them whole.

As the USA comes online, I am already seeing a bit of sell flow creep onto the tape.  It will be interesting to see if early selling is enough to press through the overnight low at 1689.50.  Thus far they have not been able to breach this level, which was also the low of yesterday’s cash session.  A break could trigger sell stops and enough order flow to push to 1687 and if price accelerates 1684.25.  I am suggesting that the order flow from taking out the lows could be a temporary phenomena and a buying opportunity.  However if these levels do not hold we need to be very keen on 1681.50 which is a huge value area high dating back to 09/11 before the gap up.

On the upside, price needs to sustain above 1693.50 to show acceptance of yesterday’s value instead of value continuing to migrate lower in search of balance.  That would be the first accomplishment.  Next would be trading above 1698.50 which could trigger a squeeze.

I’ve highlighted most of these levels and drawn on some scenarios on the following market profile charts:

ES_MarketProfile_09242013

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16 comments

  1. Sooz

    taking another small portion here:
    Acquired 06/05/2013
    (+108.67%)

    Status Filled at $48.77
    Symbol FB
    Description FACEBOOK INC COM USD0.000006 CL A
    Action Sell

    remain long

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    • Sooz

      “OMFG”,..as DT would say..

      my nemesis,Sgt Friday, posted SRPT is basing(this day Sep. 24 at 6:54 AM ) Hahahhahah
      it moved (+36.37%) in 2days

      more than basing there, chump
      ;))

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      • Sooz

        Status Filled at $2.25
        Symbol RVLT
        Description REVOLUTION LTG TECHNOLOGIES INC COM
        Action Buy
        Order Date 09/24/2013, 10:04:30 AM ET

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      • Sooz

        what the h#ll kind of BS jibber jabber is that, Sgt(?) Fryday.

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    • Sooz

      Yeees..
      and a bit more here:
      (+112.37) from above entry
      Status Filled at $49.6301
      Symbol FB
      Description FACEBOOK INC COM USD0.000006 CL A
      Order Date 09/24/2013, 10:53:43 AM ET
      remain long half position

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  2. Sooz

    added to KMP and CAT also

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  3. Sooz

    this one is for Val and Mr. Goldsocks(pos..my sweet a$$)cost avg up here(adding back share off .53 pennies core)

    Status Filled at $1.09
    Symbol JOEZ
    Description JOES JEANS INC COM
    Action Buy
    Order Date 09/24/2013, 10:25:42 AM ET

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  4. Sooz

    added back share of AEZS too..cost avg up off 1.39

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  5. TheHarper

    Very much looking forward to your analysis of this intra day reversal in the futures market. hope all is well, sir.

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  6. Sooz

    Two Step
    ahh yes..

    http://youtu.be/Pgb4AvMWNYE

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    • Raul3

      Sooz, I just cannot get into these jam bands anymore. When I was a much younger lad I went to a few DMB concerts.

      @TheHarper, same goes for The Dead and Phish…can’t do it. I’m too impatient perhaps

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      • TheHarper

        The Dead and Phish are much different animals as compared to DMB, but I get your point. It’s an acquired taste, that is for sure.

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      • Sooz

        storyteller..lyrics
        love music of all kinds

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