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Monday 12-10-2007


Light news day today (home sales)

Fed announces interest rate policy tomorrow (Tuesday)

relatively flat open indicated so far...
overnight resistance zones:

ES 1514-15

NQ 2141-42

ER 789-90
i'm in from 15.75..trying for 13.50 on short side..this could easily run away up...I have short goggles on though
so far we have filled the small gap open and are trading higher with the notable exception of the NQ which may be forming a lower high right here, if so we have a divergence
shorted the NQ's at resistance
covered short NQ +2.25
NQ testing overnight highs, ES stalling with a slightly lower high, ER2 relentless
i had to add on hour break out and 16.25 is now target..18.50 was fill on add on
I wouldn't be surprised if they go back down to clear out the stops from all who bought the narrow range bar off the daily chart in the emini SP...they already smoked those who where buying the 60 minute breakout..trading in single prints down at this 16 area
given this narrow range since 11am, this could break in either direction... 60 minute chart points higher however.
i think if this up triangle breakout fails to acheieve target then they may go for the 1513..seems volume drying up on these pushes up....weekly pivot below at 1495...dow was leading that drive out..testing the triangle breakout point now....so buyers need to show themselves...
Today's action with the developing value areas and point of control for the ES on a 5 minute chart. Some Market Profile observations from today: Developing Value Area High caught a short later in the day and the Single Print caught a long with very small stops.

Click image for original size
ES 5 minute chart with developing value areas for 10 Dec 2007