Now Market Initiates its Move Higher

After running the entire range in a little over 60 minutes, market now shows strength and makes new highs.

I am taking advantage of nice volatility to scalp the market today. I am taking a short scalp from 1056.75 at the moment... just looking for a couple points.

I will look to get back into my swing long position if we tick down enough, i.e. back into the 1040s...

Looks like Bottom is In

Looking to buy back in on the down-tick, probably in the low 1040s...

This type of market action is how everybody gets screwed. The key is not to panic. I got out of my position at break even after taking serious heat because I didn't panic and I had a trading plan. I would have had to exit my position had we ticked lower and made new lows...

About the GDP Statement and Bernanke

The Commerce Department confirmed the claim by many economists that second quarter growth was softer than initially believed. Bernanke will speak in 40 minutes and he may reiterate that the economy is looking weaker. I believe that this information is already priced into the market so I am still confident in the long position. Of course if the market does respond negatively to Bernanke, I may have to reconsider being long here...

GDP Comes in Slightly Above Estimates

GDP 1.6% versus 1.4% consensus sends market higher ahead of the open.
Still holding the 2/3 position from yesterday.

Looking to sell 1 contract around 1054.25. Just want to lock in some profits. Will add again to my position if we down tick as I continue to hold expectation of eventual move to at least 1067. You can continue to follow this trade in the comments of yesterday's post...