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ES short term trading 1-25-11

Boring, yet interesting day yesterday. The market, and this is important, proceeded higher ,against the seasonal tendancies (which denotes strength. Today, which is State of the union day we seasonally should be under pressure for one more day before things turn more positive tomorrow, We'll have to see what develops.Historically, state of the union day is positive overall for the next few days (higher today for instance 16 out of 20 times) . That would line up nicely with the more positive seasonals from wed on...Note also that the nas was leading on an up day, not lagging yesterday, another positive in my mind. Todays news releases are a wash in my mind with likely neg housing reports and a likely positive consumer confidence report.I dont expect any thing real dramatic today, but it seems possible we could be setting up for a positve last half of the week ,as speculated in the weekend preview.
long here,1280.75...2 point stop
i'll take one off if lucky at 1282.00 since the one min median prc line is just above ..beyond that, i have to wait for the initial move for a proj.
Click image for original size
Man, i didnt really want another long ,but i had mentioned all day about 1277.50 and 1273 and here we are! First clue was going below 1279.50(even by a tick!). Im on the sidelines here but 1275.25 and last case 1272.75 are tempting for longs now!
Here we are testing yesterday's lows, I'm long 1278.00 stp 1277.00 and the objectives are 1284, 1286. 1288.00. will see if it give it to us.

ES trading 1278.00 @ 14:30

Will see if it give it to us.
Originally posted by WS

I'm waiting for one more down impulse to test yesterday's low. If so I agree will Kool about a buy there. If that was to occur then the objectives will be at 1282. 1286, and possibly yesterday's high.

Below 1277.50 will have me looking to go short for 1273.00 and possibly 1268.00 objectives.

Will see. in due time the market will show us the way.

ES trading 1281.00 @ 12:05

lunch time hmmmm
Moved stp up to B.E.

ES trading 1279.50 @ 14:37
Great job WS!...I WAS SOOOO tempted at 1277.50, but had just gotten stung on a trade so i passed.
Hey room, when you get a chance check out my reply to that guy on traders lounge here at mypivots!..LOL if you agree vote him down! If you think im being too hard vote him up
I'm probably wrong but the volume clues on this push down don't favor too much of a pop higher into days end....afternoon is not my strong area....but I'll post a chart later of what I was looking at...even if I'm wrong....LOL...

Good luck on the trades.....sitting this one out but watching if we get a close at 3pm near the 78.50 area or lower....that in theory would be a bad thing
Originally posted by koolblue

Hey room, when you get a chance check out my reply to that guy on traders lounge here at mypivots!..LOL if you agree vote him down! If you think im being too hard vote him up

I deleted that topic - I agree - did not add any value.
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