ES Journal Archive (2009 - 2010)

The market surged towards the top of the range, but lost momentum at 1198. If the current 5 minute bar closes below it`s open, I`m prepared to enter short at the 1195 area.

 

I honestly think that several trading desks have lost their ph...ing mind. Todays session is an excellent example of how "volume" is created in a congestion area and a couple of desks are playing "ping pong" with each other. This is not a normal price distribution and is everything but a normal functioning market.

A joke that 500.000 contracts are traded for the last 5 hours without the price moving 2 points !

 

we just need shangai to post -5% like last friday to have some fun again

 

Not as sure as I like to be, but I just went short @ 1196. Buy stop @ 1197,50.

 

ballsy since 95.50 is like the Rock of Gilbralter today.

 

sh avg 96 1/8, cover 1/2 95.75 , think they might want to hold it up for a.m spx mark

 

Out @ 1194,50. Might have trailed the stop too close

 

Today's daily range is about as wide as the one made on Tuesday. But what a joke indeed. We had over 3 million shares on Tuesday, whereas we'll be lucky if we can even get 2 million by the end of the day.

 

Support yesterday was even stronger, but it still broke

I`ll post my price action analysis after market close.

 

2/3 scaled +3