HOW OUR DAY WENT: The ES popped up on the open and
the move fizzled about 20 minutes into trading, setting
up a shorting opportunity. It was a nice one, as I told
members in the Instant Message box to stay short, *not*
cover at 918.00-917.50 zone but rather let it ride and
the ES kept going until reaching 908.25 -- 16 points
off the early high AND at our 909.00-908.50 support
zone -- before a bounce. That move stalled out at 912.75,
which was just under the updated resistance at the 913.50-
914.00 area, and was a nice re-entry on the short side as
the downtrend resumed. The ES pulled back to the 909.25
level where buying came in twice. The ES rallied back to
913.50-914.00 updated resistance, getting to 913.75 before
backing off at 3pm.
Good Trading,
Mike Reed
TradeStalker.com
Sunday, July 05, 2009
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