50 ES is "nothing", especially in overnight trading that moves so slowly. For those that are used to trading the Big Spoo, it is only 10 cars. nitro
I will scale in and out of my 50 ES SHORT position with 10 ES positions trades as I see what price action does throughout the day. For all I know I might cover the entire position on Thursday during the trade day...at this point I feel the S&P will continue to pullback for some time (990 area return maybe). This does not mean I will stay in the trade waiting until I feel we are at a retracement bottom, but I will watch this market everyday to come up with what I feel is possible areas of support or selloff exhaustion. These are the areas where I will scale out of my trade, so I do not have a fixed profit target at this time to answer your question. I currently have a 1028 stop in place for this trade...lowered from earlier due to the current level of price action for the overnight ES...1023 area as I type. Hope this helps. Chris BTW, to see how I scale in and out of positions go to and read the September 26th "ego challenge" thread...that should cover things.
It is all relative... How about the traders sitting SHORT in 50 or 100 full S&P contracts. Now there is a statement trade! Chris
The ES is now down to the 1022 level in the overnight (as low as 1021.50) so far. Things due appear to be breaking down going into Thursday trading. Thursday will be wild IMO...getting some volatility back for a change.
My body is all screwed up right now! I worked the third shift four nights in a row (my job at SWA) and came home this morning to trade all day as usual. I literally passed out at about 5:00 this evening after the close and I slept until 10:30 tonight when I woke up to eat dinner (wife had it sitting ready in the microwave). I ate dinner and logged in to check the futures....damn, now I am wide awake.
nononsense, Go to and read page 59 of the thread "How high can the S&P go" Is this early enough for you.....hey, I tried. Chris
Sony earnings down 25%, slowing sales of Playstation. Doh! That was released After the 5 % drop. Wonder though how much is discounted already. Lets see if Bill almighty pulls the plug today...earnings, its all about earnings