Monday 12-10-2007

Light news day today (home sales)

Fed announces interest rate policy tomorrow (Tuesday)

relatively flat open indicated so far...

triples at 14 even with market at 16.50..so bias is even more to downside...

nicely done!!!

quote:

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Originally posted by pt_emini

covered short NQ +2.25

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in at 17.75..will target 15.25 on downside...new highs won't thrill me by any means...

concern here is bonds closing soon and everyone seems to be talking about fed cut etc...so buyers still here...need to get a 3 pm close below 17 to make this feel better..high volume node is 17 for today....so far

secondary target is 13.75..just below triples...

16.50 will stop out last runners if I can't get 11.50

pulled up stop and was cleared out at 15.50..nothing working

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.