Today's Trading Recap: 11/05/09

HOW OUR DAY WENT:

The ES opened at the 1051.75-1052.50
resistance, and from 1052.50 it dropped 3 points to
1049.50 before turning back up. The rally reached
1058.50, our 2nd resistance was 1058.00-1058.50, and
the ES dropped 3 points to 1055.50 and turned back up.
The bounce stalled out after reaching 1062, and we
were short but looking for a bounce. That bounce took
out 1060.50 and ran to the 1063-1064 key area. The move
reached the 1063.00, then reversed and dropped 4.75
points to key support at 1058.25. A bounce to 1063.75
reversed, giving a good re-entry on the short side,
and the ES dropped 3.50 points to 1060.25 with 15
minutes left in stock trading. The ES then ran up to
1064.00 in the final minutes and backed off as the market
acted timid up there.

Good Trading,
Mike Reed
TradeStalker.com