Today's Trading Recap: 08/25/09

HOW OUR DAY WENT: Early strength was a short and the
ES popped up to 1031.00 and then dropped 4.50 points
to the new 1026.50 support. That set up a long, and
the ES sprinted to the 1038.00-1038.50 resistance. The
move fizzled, setting up a short, and the ES fell from
1038.00 to 1026.50 support again. A rally from 1026.50
reversed from 1035.50 and then the ES fell 8+ points to
1026.75 before bouncing. We were looking for a new low
as long as 1031 wasn't exceeded, and a bounce stalled
at 1030.00 before falling to a new low at 1024.75. So,
we had a number of real nice opportunities and nailed
the 1038.00 high and tradable support at 1026.50 until
it broke, which was expected.

Good Trading,

Mike Reed
TradeStalker.com