Thursday, October 7, 2010
Pre-Market Surge on Jobless Claims and Sell-Off into the Open
The ES came within one tick of the target price range of 1164-1166 I mentioned in yesterday's post after better than expected New Jobless Claims Numbers were announced. The markets quickly sold off after the opening bell. Does this mean that we have topped? Probably not. Buyers stepped in preventing a move below 1152. This is a higher low than the 1151 from yesterday afternoon. Higher highs and higher lows cannot be viewed as bearish, so we may be in store for another test of the 1160s. We do seem to be getting poised for a pull-back soon though. We need to break below 1148-1150 first. I will be looking to begin a scale in Short if we trade back up to the 1160s.
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Long 1153.50 ES
ReplyDeleteI'm risking 3 points here in assumption that we will not trade lower than yesterday's low of 1151. If we trade lower than 1152, I will attempt to exit this trade at break even. I'm looking for a move back up to 1160. However, I will sell this position at 1157 if we get resistance there. Can always buy it again if ES looks poised to break through higher.
ReplyDeleteSold ES at 1153.50 for a scratch after it traded down beneath me at 1152.25
ReplyDeleteBought in again at 1153.50
ReplyDeleteSold for a scratch again at 1153.50.
ReplyDelete