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ES short term trading 5-25-10


Intense overnight action , pretty much drives a nail into the bulls heart i think. Breaking the 1036.25 feb low would be devastating. I had hoped that we would find a bottom by the 24th,and as we havent broken the feb low yet , we surely seem destined to do so. I said yesterday i thought today might be the bulls last chance. Prophetic to say the least. i believe the original target of 1014 or so may be in the works,although a short ,quick rebound rally could occur at any time.In fact i got home right as we were hitting 1041.50 and went long instinctively at 1042.25. Remember the previous weekend preview, that 1041.50 number was explained. my one min chart showed 1.618 at 1045.50 and 2.618 around 1048 so i exited early at 1045.00. truth be told that was a pretty lucky trade. Were already 30 handles south of yesterdays close and tho i have no idea what happens between now and the open, i'll bet we see lower yet today. Take note that even tho the june es feb low was 1036.25, the current globex low of 1041.50 equates roughly with a cash spx exactly at its feb low!(1044 if memory serves) . Again ,not good! Gonna sleep.. see ya soon.
It's our job to hold runners for the "splits of splits" levels in this volatility...folks using stops have them at the 46 level...I'll be surprised and have less money if they don't take em out
Good morning!... Holy horse hockey, Batman! Did i buy the daily low this morning? And only took 2 handles away from it? SHEESE!...WELL I expected a good 10 handle rebound, but 20? wow. i'll be looking to sell from here on out but need to study a little first to see where...
First stop according to the one min = 1048.75, then if lower 1044.50 which might set up a prc buy.
1055.00 gets me short....
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790
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791
One min chart says 1057.25 is a better short... that would line up with the 5 min prc also!
stopped on my 1055 sale at 1058.. loss of 3
Just a guess, but for more 'conservative' players i think the 1063.50-1064 level may be seen before all is said and done!
if they can't hold above 56.25 they will go back agin to the 50 number...great air pocket trades today
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792
now how about 68.75...that would be perfect....as long as 75 doesn't hold......otherwise they will revist 81.25.... c ya in the a.m.