Today's Trading Recap: 04/16/10

HOW OUR DAY WENT:

We came in to Friday expecting a decent
sized drop, potentially to the 1192.50-1191.50 zone. The ES
had a gap down open, and that was bought and the ES bounced
to 1206.00 and stalled/ reversed. The ES dropped to 1200.00
and bounced back, but double top at 1206 resistance gave us
a re-entry just before the Goldman news and the ES dropped
13.50 points to the 1192.50-1191.50 zone before any kind of
bounce occurred. Members were told to stay with the short
side, and the ES dropped 13 points from 1197.75 to 1184.50
before reversing with a bit of gusto. After getting to 1193.50,
a pullback reversed from just under the 1188.50 support, but
made a double top at 1193.50 before the close. The volatility
picked up, meaning more opportunities ahead.

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Good Trading,
Mike Reed
TradeStalker.com


This publication's primary focus is trading the index
futures ($ES_F). However, you can also use my nightly updates to
trade the following ETF's (SPY), (QQQQ), (SDS), (QID),
(DIA), and (DOG)