Trading the SPI

[Bronte]

On Open:
ASX 5070.4
SPI 5030
-40 Points

Somewhere in this loooong thread we say:
Look for oversold situations, as per this morning +/-40 pts
We always buy these situations... especially if we have Gann support.
We bought off Gann support 5024 -40+ points.Made a couple of points

 

[iSPI]

Hi iSPI,

I did'nt look at it last night & after sleeping in to 10am it came as a bit of a shock.
Congratulations on having the guts to say you still hold

Didn't come as a suprise to me Bob,
this was a stay conservative trade only 2 contracts, with stepped entry
and stepped exit. Lets see how the weekend goes.

Regards
iSPI

 

[iSPI]

You are a breath of fresh air iSPI
Welcome on board

Thanks Bronte.
Good to chat to other traders.

 

[iSPI]

I'm out of my second contract as well.

Exited last night as I have a sneaking suspicion that we have some more
on the downside.

 

[iSPI]

I'm out of my second contract as well.

Exited last night as I have a sneaking suspicion that we have some more
on the downside.

Some of my info says we have some more to go on the downside ...yet
my analysis says we may possibly have a bit of a sidewards move
but should have more to the upside.

I'll let you know if I come up with anything interesting

 

[Bronte]

Which direction will we go?
Daily SPI Chart:

 

[Pager]

Well we are slap bang in the middle of no mans land , which way will we go ?.

As long as im with the move i dont care

 

[iSPI]

Which direction will we go?
Daily SPI Chart:

Looks to me so far that we need more on the upside before
another pullback.

Now just how long I don't know it might be only half a day
but my system is saying we need to go up further before it can come down
and it seems to me there has been alot of selling despite the recent
upwards moves.

 

[neo]

Wow , hi people, this thread has got a new lease on life!
I will be looking to go short first up tomorrow assuming we have a resaonably high open!! (greater than 5045)
The SPI is now following the cash closely.(expiry this Thursday)
XJO closed at 5036.4.
Sycom closed at 5043... mind you this was a single contract at the close Sat am. All other trading was around 5050.
BHP and RIO took a bit of a hit in NY Friday night as did metals... overall ADRs are slightly negative from Friday.
SPI will either open low or open high and drop.

 

[Bronte]

Wow , hi people, this thread has got a new lease on life!

Hi neo / iSPI,
Just goes to show that you can not hold a great thread back
People have certainly tried. Thank you Joe for staying with us.

 

[Bobby]

Didn't come as a suprise to me Bob,
this was a stay conservative trade only 2 contracts, with stepped entry
and stepped exit. Lets see how the weekend goes.

Regards
iSPI

Ok iSPI,


What was your exit on the second contract ?
No pressure

Bob.

 

[Pager]

Oh the silly things we do !! , entered a Sell limit order in the Spi this morning @ 5053, got filled and could not figure out why as the market had opened at 50 and had a high of 51 .

I had accidentally sold the November contract , what a silly boy , by the time I had it figured, managed to buy it back at 5052, but could have been costly, should see the spreads in that contract !!!!.

Favour the Short side today unless we get above 5051.

 

[Pager]

looks like it may break down today.

Sold 5035, stop @ 41

 

[Bearman52]

Nothing of any consequence to add other than to say its good to see the thread active again,
GOOD TRADING TO EVERYBODY
BM

 

[Pager]

just traded 28 after stalling around 30, stop into 34, looking for the runner, or out for + 1.

 

[Realist]

Yeah it's gonna go down this morning, but may recover this avo. IMHO

 

[Pager]

Stop into 31, alot of activity around this level, if we get above it may push higher otherwise a runner down to 5000 is still on the cards

 

[Pager]

Low is 5022 and a significant level IMO and Pivot.

Will look to cover soon if we dont break 22

 

[Pager]

im out and thats me until the close.

Good luck to anyone else out there trading

 

[Realist]

im out and thats me until the close.

Why??

I reckon a run upwards is in order this afternoon. Maybe starting 1:30pm when people get back from lunch and think, hmm time to buy something...

Seriously.