Today's Trading Recap: 09/01/09

HOW OUR DAY WENT:

We were looking to buy a lower open
and the ES reversed from a direct hit of the 1014.75-
1014.25 support. The ES rallied 13 points in 40 minutes
and then reversed. Members were told that there was good
resistance at 1024.50-1025.00, and the bounce reversed
right from 1024.50 -- and then the bottom fell out. After
falling another 24 points the ES reversed from 1000.25.
I then sent an I.M. stating:

(Sep 01-11:38) mike: the 1005.25-1006.00 trend resist

The ES popped up to 1005.25, and it was a lid for the
ES as it dropped to 997.50 and then bounced. Updated
resistance was at the 1002.50-1003.00 area, and the ES
reached 1002.75 then turned back down, dropping 4 points
to 998.50. Another bounce to 1002.25 reversed and the
ES dropped 7 more points to 995.25 before the close. A
fantastic day for our group.

Good Trading,
Mike Reed
TradeStalker.com