Markets see strong buying overnight as Dollar sells off and Euro see a bid. This signals that a bottom is now in for the year on the ES. It is doubtful we will see any slight lower low at this point.
Officially biased to the long side now heading into 2012, will look at dips as buying opportunities into the end of the year. If the ES sells off back down towards the 1200 area today it will be a buying opportunity.
Support levels to consider long entries today at 1208-1209 and 1202-1203 ES.
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As I anticipated, one final lower low which came in at 1195.50 on the ES turned out to be the place to get long.
ReplyDeleteThat being said, I didn't take advantage of it. You had to be very aggressive to do so. I thought we would get at least one pullback to shake out the aggressive bulls. We didn't get it. The market is now up 35 points. It never looked back. We may get a pullback towards the end of the day today, but i wouldn't look to short this market now...