Monday, April 18, 2011

Weakness this Morning Over Fear that U.S. AAA Rating in Jeopardy

Trading volume surged and stocks sold in pre-market this morning as ES sold off 9 points in a matter of minutes as S&P issued negative outlook over U.S. Long-term debt.

In the near-term my bias continues to be short as I expect lower lows. 1319 held as resistance on Friday and I expect shorting into resistance to continue to provide positive returns

Levels to watch today on the ES:
Resistance above at 1306-1307, 1311-1312
Support below at 1296-1297, 1292-1293, 1289-1290
Posted by Verde at 9:25 AM
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6 comments:

  1. VerdeApril 18, 2011 at 10:07 AM

    Long ES 1292.25

    ReplyDelete
  2. VerdeApril 18, 2011 at 10:50 AM

    I'm looking for a move back above 1300 on this trade. Can consider a break-even stop or adding a contract around 1289...

    ReplyDelete
  3. VerdeApril 18, 2011 at 11:25 AM

    Sell ES at 1294.25. I don't see the rally back up happening just yet. I think there may be a better opportunity to get long...

    ReplyDelete
  4. VerdeApril 18, 2011 at 2:42 PM

    Short ES at 1300

    ReplyDelete
  5. VerdeApril 18, 2011 at 2:46 PM

    Out at 1300.75

    ReplyDelete
  6. VerdeApril 18, 2011 at 2:49 PM

    Didn't want to defend that, will consider short again...

    ReplyDelete

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