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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
order to buy one at 913.50...
The best thing for me is to add to losers to avg down and take 1/2 off the winners and let them ride. Funny thats the exact opposite of what the "pros" say.
Philly Fed at top of hour
30 min is looking good for longs. We need to hold this 920 area until at least 10:00
too volatile got taken out at 923
i keep getting 914 and 909 and honestly im not sure which! So ill err on the side of caution here
Sold options for .40, something says is time to sell those...Raised stop on those longs to, never mind out of those longs at open price +7on those...
Note ing how its hung up (for now) at the open plus 12
I am going to try a short here at 916, short quite a few. 30 min can't get up for nothing, it had its chance.
bouncing off my first objective , but im waiting for the next one
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?"