ES Journal Archive (2006 - 2008)

shorting 45-46, stop over 52, open target

 

Back to prime wind...

 

add 44,now avg 39.50 49 stp

 

Why the shorts?

Market opened weak, gapping down on bad news, but just took out day's opening range highs. In my book, that's bullish.

 

Gap closed.

 

add 50.50, stop over 53 now.

 

as I said earlier the price action isnt following the news....

when this kind of news hits the market, and the market doesnt react in a correlative way, then it implies the underlying positions are already weighted in that direction and are ripe for raiding.

ala short covering rally..

 

stopped out 49, resh 47,out 44

 

Nah, this is even better!

 

And I honesty can't see a head and shoulders.