Today's Trading Recap: 09/23/09

HOW OUR DAY WENT:

We had a pop up to our 1068.75-1069.25
resistance that was rejected 3 times before a drop to the
1065.50-1065.00 support zone. An instant message was sent
telling members to cover shorts at 1065.50 or better, and
it was just 2 ticks from the early low at 1065.00. The
bounce to 1068.00 reversed, setting up a re-entry and the
ES dropped 5.75 points to 1062.25 - just 2 ticks over
the 1061.75-1061.25 support - then a rally began. The
1065-1066 updated resistance gave us another short when
the ES bounced to 1065.00 and dropped 2 points to 1063.00.
Members were told "beware of a potential double bottom"
which occurred and started a 5.75 point rally to the
1068.75 resistance by 12:30 pm. Then after he FED release
the ES ran up to 1075.75 and dropped hard. After that
occurred, an instant message was sent to members saying:

(Sep 23-15:01) mike: 72-73 resist, they topped if tht
zone not cleared

The bounce fizzled at 1072.25 and reversed, and it was
the start a trend down move of 17 points to 1055.25 at
4 pm. So, for our group it was a very good day. The
I.M. feature lets me help in a very timely fashion, and
our members are loving it!

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Good Trading,
Mike Reed
TradeStalker.com