Today's Trading Recap: 08/13/09

HOW OUR DAY WENT: The ES reversed from 1008.00-1008.50
resistance on the open, and dropped 10 points to 998.00.
The rally reversed at 1012.00, right at 1011.75-1012.50
resistance zone. The drop broke the 1006.50 support and
then I sent an Instant Message telling members:

Aug 13-14:11) mike: stay with shorts to 1003.50, or lower.

The ES reversed from 1002.50, then bounced to 1007.75
before stalling out. Just 1 tick under resistance, the
ES dropped to 1005.00 and members were told that the ES
had support at 1004.50 then turned back up. Then the 1008
level was exceeded, and held on a pullback setting up a
long for the rally into the close. So, we caught some of
both sides in a back-and-forth day.

Good Trading,
Mike Reed
TradeStalker.com