Today's Trading Recap: 08/06/09

HOW OUR DAY WENT: The higher open was a "gift" short,
especially with the futures all rejecting resistance
areas. Members had 1005.50-1006.25 on the ES, 1622.50-
1623.25 on the NQ, and 9289-9292 on the YM on their
charts, and with highs at 1005.75 on the ES, 1621.75 on
the NQ and 9289 on the YM all rejected, it set up a
fast drop. The market didn't stabalize until reaching
our 992.75-991.75 support on the ES, a drop of 13 points
on the ES. Members were given 999.00-999.50 as new
resistance and the bounce stalled and reversed from
999.00 and dropped 6 points to 993.00. After the bounce
failed the ES fell to 989.75 before turning up. We had
last support at 988.75-987.75, and just missed an entry
on the long side. Still, we nailed the high(s) on the
open, had the first pullback stop at the 992.75 support,
shorted a bounce to 999.00 resistance... another good
day for real time members.

Good Trading,
Mike Reed
TradeStalker.com