ES discussion for Tuesday 8/18/09

i know this is the Es post..but you are right crude moves so much better..it looked like it had a few goodsetups today.

Yes, almost every ES trader I know is now focusing on crude for the most part, and watching the ES in the background for the few setups it's been giving. It's boring waiting four or five hours for something to set up in the ES, or nursing a position for the same length of time. The time is better used elsewhere while waiting.

The next spot comes in in the 92-93 area, but as I suspected at the close yesterday, this should rise all day until the close, and it will be a close some at 16:14:59, and some hold over into GLOBEX type of day. Then it may rise in GLOBEX, and gap up, and try to set a new high tomorrow. We'll see. That's a lot of 'predicting', which I don't do, and it isn't necessary for trading. It's just a suspicion I have. So, ride and ride, and watch how it handles each area. Without any ABCD structure it's hard to get short in here when my bias is strongly up.

95.50 is also a virgin POC, and any strong move over 91.50 today brings in one of my IB rules for continuation.

What an all day battle, though, with that first price level I mentioned around 90. It doesn't care about the lines it keeps hitting, which likely tells me it isn't going to stop going up, but this price level keeps troubling it. Very curious. .382/.447 overlap at a virgin GLOBEX level. Very key.

Well, it wasn't too great a day for the ES, but it did close one tick off the high, and it gave plenty of opportunity to get in, so it wasn't all that bad. Still, I think crude is trading a lot better right now.

can this market just make up his mind.

As long as it moves, it should be tradable. And that's all we should care about as traders. Try not to get too caught up in how 'stupid' the market acts most of the time.