Billy
11-16-2011, 05:13 AM
11432
Luck may be a lady, but I am more certain that Lady Market is a tramp. And she was adulterous to us overnight as she went visiting some growling bear while we were asleep.
Fortunately, she got some remorse and decided to quickly come back home in time before we could suspect her leave.
Indeed, the Russell 2000 futures retraced 100% of yesterday’s gains before coming back to IWM’s Tuesday’s closing price at the time of writing. Such a behavior informs us that futures traders were buyers at the exact same price than the robot yesterday and are now expecting the weekly (73.88) and daily pivot (73.77) equilibriums to hold as support during the cash market session.
11431
If it goes straight up, the next speed bump at weekly R1 (76.14) offers very little resistance.
If it decides to retrace yesterday’s range below the weekly and daily pivots, Daily S1 (72.90) is unfortunately rather far away as first potential intraday support and sits just at the robot’s position entry. But it was also the level where buyers jumped in overnight and the level has a good probability of resisting normal selling pressure and marking Wednesday’s lows.
There will be no Pomoperatwist today, but another large one tomorrow.
I still feel the setup is a low-risk opportunity with the first support cluster 4 times stronger than the first resistance cluster.
The robot is advising a secondary long limit entry of 73.27 for today.
Billy
11430
11429
Luck may be a lady, but I am more certain that Lady Market is a tramp. And she was adulterous to us overnight as she went visiting some growling bear while we were asleep.
Fortunately, she got some remorse and decided to quickly come back home in time before we could suspect her leave.
Indeed, the Russell 2000 futures retraced 100% of yesterday’s gains before coming back to IWM’s Tuesday’s closing price at the time of writing. Such a behavior informs us that futures traders were buyers at the exact same price than the robot yesterday and are now expecting the weekly (73.88) and daily pivot (73.77) equilibriums to hold as support during the cash market session.
11431
If it goes straight up, the next speed bump at weekly R1 (76.14) offers very little resistance.
If it decides to retrace yesterday’s range below the weekly and daily pivots, Daily S1 (72.90) is unfortunately rather far away as first potential intraday support and sits just at the robot’s position entry. But it was also the level where buyers jumped in overnight and the level has a good probability of resisting normal selling pressure and marking Wednesday’s lows.
There will be no Pomoperatwist today, but another large one tomorrow.
I still feel the setup is a low-risk opportunity with the first support cluster 4 times stronger than the first resistance cluster.
The robot is advising a secondary long limit entry of 73.27 for today.
Billy
11430
11429