Friday, December 05, 2008

Premarket 12/05/08

6:30am: Economy bleeds jobs
Nonfarm payrolls contract by 533,000 in November, the worst monthly job loss in 34 years. Since recession began 11 months ago, 1.9 million jobs have now been lost. Jobless rate at highest level since 1993."

Anyway, this means zero to me, this will be the last post today, there's nothing like getting hit in the head with a hammer, about how precious life is, and how insignificant our daily lives can be. In reading my email's this morning, I just found out one of my reader's the last couple of years, that I have had the privilege to call my friend, has suffered one of the most unbelieveably tragic accidents to a part of his family, that I have ever seen, it's just terrible. Having suffered my own great loss, I know there's nothing I can say, anyone for that matter, just know that I share your pain, and offer my sincere condolences to you and your family.

5:45AM: If you can figure this 60min chart out, your a better man (or woman), than me, hahahahaha! Actually, what I "SEE", is a nice triangle on it, the heavy light blue lines. It's also working on a nice count, you always start the count from the direction we entered into it, in this case 1 is at the top, you usually get a five count, and then the continuation move. We have a possible four count into the low yesterday, now, we could "possibly" bounce up and hit the upper trend line for five, and then take off through the lower or bottom trend line. OR, we could get an EQUAL MOVE on a second wave down, the first wave was the high from friday to the low monday, which projects from the high yesterday down to about 79.82, which is also the gap fill area from 11/21, which is "probably" a more likely senario, especially with the Stoch pointing down. Either way, it's obvious that we wont' go UP, until we get through the upper trend line, and if we break below the low from monday, we are probably going after, at a MINIMUM, the gap fill area, and possibly back for a retest of the yearly lows.

5:00am: Futures were actually green, up until a few minutes ago, then they took a very newsey looking dump, currently we are down about 6 points on the ES, or .80%. I can find no actual news that could be used as a "reason", the only thing I can think is that the head of the BLS just emailed the payroll report to da Boyz, an hour and a half before the rest of us get to see it, and da Boyz drove us down, as the report is better than expected, so it gives them a chance to use the fear to take us down, and buy as much as they can at lower levels.
Hey, it sounds good, if I can't have fun with these people, forget it.

The entire week has been contained in the daily candle from monday, with a couple of little attempt's to probe the upper and lower ends of it, OBVIOUSLY, a true break over or under it is going to make for the next "BIG" move!!! Right now those numbers are 28.71 above or 26.80 below on the Q's, and 87.60 over and 81.80 below on the SPY.

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