Today's Trading Recap: 02/24/10

HOW OUR DAY WENT:

We were looking for early strength to be
sold on Wednesday and then the first decent pullback to set
up a buying opportunity. The ES popped up to 1102.00 in the
first 15 minutes, then reversed and dropped 8.25 points to
1093.75 just before 10:30am. The move reversed from there
and shot almost straight up 11+ points to 1105.00 before a
pullback. A pop up to 1105.50 was reversed, and just after
2pm when the ES was at 1104 I sent an instant message stating:

(Feb 24-14:02) mike: i'[m] getting small short up here.
(Feb 24-14:03) mike: nq has a wedge type pattern
(Feb 24-14:05) mike: if 1101 breaks, a push to 97.50-96.50
would be possible

After that I sent out updated support at 1098.50 and updated
resistance at 1102.00-1102.50 and the ES dropped to 1098.50
and bounced to 1101.75... so we covered the rest at 1100.50
(see the log) and called it a day.

Good Trading,
Mike Reed
TradeStalker.com

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