A Comment On Trading

There was a lot of bad news yesterday but the market, as much as it pretended it was going to, could not break below support at 1100 on the ES. Price action seemed to dictate that the market would break down, but it turned out to be a sneaky way to shake out the weak buyers. It was a slow dribble down late in the session and long entries were not rewarded. Finally the ES jumped up 10 points in the last 15 minutes of trading. I was long many times near the bottom, but finally I gave up after scratching on about 7 long attempts. High Frequency Trading Bots have been especially annoying of late as we have seen extended periods of very small range bound trading. They are difficult to trade against as they have adaptive technology that makes it difficult to recognize repetitive patterns with the algorithms. I have not placed any trades yet this morning as I am waiting for volatility to pick back up. So far we have seen a small range overnight and a small range this morning. Market is trying to break out to new highs now. If we do, I will look to buy the pullbacks... Resistance above at 1118 and 1123...