Today's Trading Recap: 02/12/10

HOW OUR DAY WENT:

We were looking for early weakness to set
up a buying opportunity, and the ES opened 11.50 points lower
and dropped to the 1061.50-1060.50 zone before reversing 15
minutes into the day. From a 1060.00 low, the ES turned up
and rallied to 1067.25, then pulled back to updated support
at 1062.25. A reversal there started a 12+ point rally to
1075.00. A drop held right over the updated 1065 level then
rallied 11 points to 1076.00. After that failed, new support
at 1068.00 was tested and reversed and that started a rally
back to 1079.50 - another 11.50 points. In a nut-shell, the
early low and then all 3 of the big swings to the upside
starting around noon started from a support zone, then failed
just below the 1077.00-1078.00 key resistance except for the
last one. On the long side alone, that was 41.50 points of
*potential* and getting just 5 of them covers a 3 month
membership.

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),
(DIA), and (DOG)