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ES 10-16-08

wow, a crazy globex session basically coming out flat. Volitility is very high, so entries and exits have to be quick! looking to buy near the open
hope not cause i just sold 903.00!
I'd say it's a bull flag running into yesterday's low with breakout resistance around the trend line at 920.

out at 895.50... just plain spooked. plus 7.50 up 16.50. Im not ashamed to admit i have no freakin idea how this plays out but im leaning to the bearish camp
flag boundries some where around 903 and 890
long again on the break out at 903... long one at 903.75, stop at 900
I am long 904 off that MA 89 on the 1 min and 901 is sq nine. Just got back from lunch...
Just sold 1/2 @ 908
finally, raising my stop to just below the 5 min avg(currently 902) to 901.00
initial proj. was 908, met at 909.50... next proj. is 920-21
a friend sent me this tonight so I thought I'd ask you folks:

"These are for the November options.
Do you have a clue what the catch is?

Sell 94.00 puts 94.00 SWGWP make +$9.48
Short the SPY at $94
Buy 94 calls 94.00 SWGKP pay -$4.73
Net profit $9.48- $4.73= $4.75
This looks like a risk free trade to me.

What's the catch?"