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:
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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
“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
;))
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
what the h#ll kind of BS jibber jabber is that, Sgt(?) Fryday.
brings it to the st board(brilliant), after it moves,that’s right, (+64%) in 4wks
;)))
have a great day, all you Beautiful People!
NICE RVLT BUYZ TODAY SOOTZ!
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
added to KMP and CAT also
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
added back share of AEZS too..cost avg up off 1.39
Very much looking forward to your analysis of this intra day reversal in the futures market. hope all is well, sir.
Boom, done
Two Step
ahh yes..
http://youtu.be/Pgb4AvMWNYE
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
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.
storyteller..lyrics
love music of all kinds