Today's Trading Recap: 01/12/10

HOW OUR DAY WENT:

The market gapped down on Tuesday, and the
ES fell to 1132.50 and and reversed. That was 2 ticks over
the 1132.00-1131.25 support which set up a scalp on the long
side. The move reached the updated resistance at 1137.75 to
the tick, filling the gap and then was rejected 2 more times.
We expected bounces to fail, and that action set up a great
short with a tight stop. The move was good for 10 points on
the ES as it fell to 1127.75 just after 1pm. The bounce was
reversed just under 1132.50-1133.00 updated resistance then
dropped 3.75 points to 1128.50 in the last 20 minutes.

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Good Trading,
Mike Reed
TradeStalker.com

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This publication's primary focus is trading the index
futures. However, you can also use my nightly updates to
trade the following ETF's (SPY), (QQQQ), (SDS), (QID),
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