Today's Trading Recap: 07/31/09

HOW OUR DAY WENT: As expected in the early going on
Friday, the first bounce set up a very nice short as
the bounce reversed about 20 minutes into trading. The
ES fizzled at 990.00, then selling was fast. Then, the
drop nailed the important 980.00-979.50 zone (979.50
was the early low) and that set up a trade on the long
side. The bounce ran to the updated resistance and then
fizzled. That set up a short, and the ES fell to 982.75.
We got another shorting opportunity from 987.25, the ES
dropped 3.75 points to 983.50 before a bounce. After the
989.50 level was rejected, members were told that 985
was very important, and then the ES found buyers after
turning up from 984.50. I told the group that a bounce
would fail, (and it sure did!) but from a bit higher that
the 989 level given. The ES closed under 984.50, so do
not miss the Sunday night update!

Good Trading,
Mike Reed
TradeStalker.com