by Larry Levine
Well today in the S&P market we traded below 1550 for the first time in quite a while. In fact right when it happened something interesting happened in the S&P pit:
As soon we trade below 1550, a huge flurry of selling came in and pushed the market down very quickly. It only dropped 4 points, but it did it very quickly.
You could see a real lack of buying at that time and it tells me one thing: This market is continuing to weaken and I expect lower prices to be tested this week.
I will keep an eye on the 1544 level as I believe that is the biggest support level we have to watch for now. If we get below 1544, don't be surprised to see 1525 very quickly.
Real Time Trading Signals*for
Trade Date: 10/16/07
E-Mini S&P Trades*
(before fees and commissions):
8:34 B/A Buy 74.50 = -1.75 all
9:07 VA Buy 67.75 = +.75, +.25, b/e
9:41 ENG Buy 67.50 = -1.50 all
1:32 OTF Sell 55.75 = +.75, b/e, b/e
E-Mini Russell Trades*
(before fees and commissions):
1) Buy @ 8:30am at 845.5 = +.5, +.5, -1.0
2) Sell @ 8:53am at 843.0 = +.5, +1.0, +2.5
3) Sell @ 9:37am at 841.5 = +3.5 (1 lot)
4) Sell @ 9:54am at 837.6 = +2.0 (1 lot)
5) Sell @ 10:04am at 835.5 = +.5 (1 lot)
6) Sell @ 10:26am at 834.5 = -.9, -.9, -.9
7) Buy @ 10:47am at 836.3 = -.5, -.5
8) Buy @ 11:01am at 836.4 = b/e, +.5, +1.4
9) Buy @ 11:23am at 836.3 = -1.2, -1.2
10) Sell @ 12:50pm at 831.8 = -.5, -1.0, -1.0
11) Buy @ 1:34pm at 831.4 = +.5, +1.0, +1.5
12) Buy @ 2:06pm at 832.7 = +.5, -.5
13) Sell @ 2:20pm at 831.5 = +1.0, +.6
14) Buy @ 2:38pm at 830.3 = +1.7 (1 lot)
15) Buy @ 2:54pm at 832.3 = +3.0 (1 lot)
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