Today's Trading Recap: 07/14/09

HOW OUR DAY WENT: We came in to Tuesday expecting a
two-sided day. Got that. We were shorting early strength
and the ES popped up and reversed from just over 901
in the first 20 minutes of trading. We were also aware
that the 891.50-890.75 area on the ES was good/key support
and wanted to be a buyer if a pullback held/reversed from
down there. The ES went to 892.50 and quickly reversed...
time to reverse from short to long. The rally made a
double top, and in our IM room I alerted members of a
drop off of 902.00 and the ES fell to 897.75 before
a bounce. That was the end to our trading day, as the
market churned into the close for stocks on Tuesday.

Good Trading,
Mike Reed