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no, actually I meant 'short covering'. If it wasn't that, then it was 'money in
the sidelines coming into the market', or 'the weather affected retail sales
and housing starts', or 'fears of mid-east instability', or 'the FED is
signalling a change in posture' or 'seasonality' or 'summer rally, or... any
one of the hackeneyed phrases presented as reason(s) for market movements.
--- Mark Simms <mar.ko@xxxxxxxxxxx> wrote:
> ..."they say it was short covering".
> You meant "long covering", right ?
> Short covering implies a price explosion UPWARD as shorts scramble to lock
> in profits before they lose them.
>
>
> > -----Original Message-----
> > From: realtraders@xxxxxxxxxxxxxxx
> > [mailto:realtraders@xxxxxxxxxxxxxxx] On Behalf Of Deosaran Bisnath
> > Sent: Friday, August 26, 2005 5:59 PM
> > To: realtraders@xxxxxxxxxxxxxxx; ntt-list@xxxxxxxxxxxxxxx;
> > Vincent DONOVAN (E-mail);
> > e-mini_traders_anon@xxxxxxxxxxxxxxx; Value_Oasis@xxxxxxxxxxxxxxx
> > Cc: Ronald McEwan
> > Subject: Re: [RT] state of the market ..... what about that
> > crude? down $1.30 in a few minutes!!
> >
> > I am just about finished with updating charts before taking
> > off for the weekend.... this looks like much more yet on the
> > downside. Possibly a drop to 1200 SPU, then oversold bounce,
> > followed by further declines to SPU 1180 or thereabouts.
> > That's line in the sand, for now.
> >
> > Did anyone notice the sharp drop in crude today during last
> > 25 minutes?
> > I am dabbling in mini crude futures, was short from 67.70,
> > set proft level at 67.15, that I never really expected to be
> > filled today.... market dropped precipitously, frmo 67.50 to
> > 66 in a few minutes, they say it was short covering and
> > Katrina not affecting the offshore crude installations in G of Mex.
> >
> > And yet, markets could not take advantage of this, SPU
> > rallied to 1211 then also dropped off during last 1/2 hour.
> > Looks bearish.
> >
> >
> >
> >
> > --- Ben <profitok@xxxxxxxxxxxxx> wrote:
> >
> > > Hello
> > >
> > > the chart attached shows the perfect stop loss,
> > >
> > > when we are in a bull mode it never penetrated the last
> > line from the
> > > top,
> > >
> > > when we are in a bear mode it acts as resistance, and market keep
> > > going lower,
> > >
> > > how much lower?
> > > the cash should get support at 1199.13
> > >
> > > and for close to be back in an up mode we need cash to close above
> > > 1209.25 Ben
> > > > No virus found in this outgoing message.
> > > Checked by AVG Anti-Virus.
> > > Version: 7.0.344 / Virus Database: 267.10.16/83 - Release Date:
> > > 8/26/2005
> > >
> >
> >
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