We could quit while ahead, but then I see the ES "print" suddenly 3 points lower at 887 and waver there. So I entered two STOP orders: BTO 1ES @ STOP 889 STO 1ES @ STOP 885 p$ One hour of trade left and no one know what the market will do (bathroom time ). hmm, orders still pending - ok now SHORT (I don't like this since the market barely has moved to trigger this)
OK There is the movement - instantly drops 3 points to fill the SHORT. Will this trigger more selling? I placed my LIMIT 2 points away and was hit. The reason is because that is the Break Down level and I figure it'll bounce some. Gain: $100
Indeed it did bounce right off the 880.75 level. Will the rest of today's action shake out even more sellers? I put in an STOP order to sell at 878.50 or about 2.25 points <i>below</i> the BD (break down) level. Target: 864 We shall see. Meanwhile, been looking all day to get the price I wanted in EXM. It is getting close for this covered call play. Of course at this point we will probably DRIVE HIGHER right into the close!
I wouldn't read a whole LOT into today's (thus far) mixed action - after all. . . BULLETIN >> ILLINOIS GOV. BLAGOJEVICH SAYS HE'S INNOCENT AND WILL STAY IN OFFICE . . .but anyways, a little levity never hurts! I added an order to BTO at 884 with a 1.5 point STOP as things may move solidly higher as well with 15 minutes to go. Edit: it got filled, now awaiting either STOP or <i>movement</i> into the close (or one then the other, which is not good).
Late action dulled. Position STOPPED for a $75 loss - but we live to "trade another day". Expect muted action throughout the rest of the year. pay$
Giving it a try the first day of this holiday week. Entered STO 1ES @ 875.50 3 point STOP Target: 859
Closed it for no loss or gain, since didn't like it bouncing 1 point making a higher low. Entering a STOP order at 874 to STO 1ES.