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ES Tuesday 01-10-12


As I type the market is moving higher in the Overnight and up against that 88-89 area mentioned last week. I think the most important level to monitor will be 1283 - 1284 to see if that can hold as support.

We have daily and weekly pivot players there, Octobers monthly highs and now a low volume area in the overnight also.

Moving higher we get into the 94 - 96 area and then the evil 1300.
Below 83 - 84 is last weeks RTH high so 77.50 - 79 is a key zone.

Everything seems to be playing out in 4 - 5 point increments in this diminished volatility. Lets hope we begin to expand soon.
Look at 84.25 from over night 569 contracts done thats it if we get down there
we are looking at highs up here as RATS 88 TO 93.25 FOR SHORT AREA BUT LOOKS TO ME long is where to be today to 1300
10 am wholesale inventories at 10
91.25 is weekly R2 based on RTH alone...pitbull traders broke the bank today ..summary later.........
we will get a plus and/or minus 4 number today ...use OR to get that ..

I'll be looking at sells up near plus 4 - 5.5 or if we come back to Opening range I will look at 89.50 for additional sells but that is harder trade
Pitbull traders CANNOT trade until one of 3 things happens

1) We break an overnight high or low
2) We break a computer session high or low

3) We rally or decline at least 2.5 points....
so today we opened and took out the O/N high so we sell the open print at 89.50 and target 1.5 points...


then we dropped 2.5 points to 87 so we buy the 89.50 and target 1.5 points

the window is done when we go 2.5 points above and below the open print.....the less agressive pitbull traders would not take any more trades...

this just explains the mechanical trades,,,not specifically ones I took


we know they will move it plus or minus 4 but what we don't know is which way...? If we can take back open print and the O/N high then they have a shot at the minus 4 at 85.50
bruce, shouldn't have the pitbull traders bought the open after the -2.5 printed ?
disregard my question since you answered it as i was typing it...thanks

Originally posted by NickP

bruce, shouldn't have the pitbull traders bought the open after the -2.5 printed ?
LOL..u got it Nick....and that to me is the hardest trades in general out of all the pitbull trades... so much goes on at the open print.....to me that is the high risk trades..
Agree, Lisa and Bruce. The gap up into 1290 should've had much more action with either an end of day run up towards 1300 or have been slammed by selling. The doodling around and "relatively" narrow range has me wondering what's up with big money [the actual market movers] out there currently.

Need some more revealing price action in the next day or so to "recalculate" where the mkt wants to go. I'd expected a run up to 1300 based on analysis I'd posted a few places during the past few days (NOT). Go figger?!?