Tuesday, May 14, 2013

Madness continues

Havent blogged much because there isnt really much to say about this one way market. I'm clearly not very good at just being a dumb "with the trend" long here, so I've been attempting shorts and getting stopped. Awesome. NOT.

Things are getting pretty ridiculous though, look at the NDX again. ADX(7) > 60, but it appears to have broken above the trendline resistance? Or is it an offshoot?

ES has multiple support levels underneath, 1632, 1620-21, 1616, 1607 and 1593-95 are key support levels.

Bonds are getting massively dumped after the "end of QE3" announcement. I have 143 and 142 '20 as really major support levels here, but I dont expect them to be tested. If sanity holds tomorrow, expecting a move back above 144, and I'm looking to try longs against that area. Lets see. If I have learnt anything out of the last few weeks, it is to be a dumb trader and go with the trend. 

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