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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 909.00, 6 point stop
Its funny how with all the numbers and policy's the FED has in place that we can go form high inflation on wends and then slower inflation on Thursday, IMHO the whole thing seems like a joke to me, they cook the numbers any ways...
long from 909.00, covering 915
Covered 1/2 Plus 10, then 1 tick from getting stopped 2 secs later crazy....
wow... thought sure 903 would get me! out at 6 there...up 14 on the day...watching
Stopped flat on rest, +23 before 10:00 and that wasn't on a gap, this is a great time to be a trader.
We keep holding the lows like were doing and that 900ish is not gonna hold...
like i say, that 896-99 had better hold...
I have an order to short below 901...If we break that no bumbs in the road until about 875, but plenty of resistance on the way up. Maybe longs not the way to go today...
I have 30 min RSI sitting at 31.8 which is by the book over sold, I guess I should wait until the low 20's
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?"