Thursday, October 28, 2010
After Initial Strength, Market Sells
The ES gapped up this morning, but began to sell off within 15 minutes of trading. The selling was sharp and we are now seeing a mini-bounce come in after the ES found some support above 1175. Market is looking weak and I'll be looking for shorts if the ES retraces back up to 1180-1181. ES could likely trade down and retest yesterday's lows at 1168. My initial trades however, will only be scalps as maintaining direction in this market is difficult. Any confirmed move above 1183 will negate my negative bias.
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