Trade: Short 50 ES from 37.50. I see the asian rally being unwound later in the week. Perhaps tomorrow on a daily reversal bar. I may go to 200 if we see a reversal on the day session. Stop at 1447.50.
Yes today looks ugly on the daily chart.....LOL I was SHORTing the overnight session and made some good hits, and then they gave us another excellent entry chance today after the open....... http://www.charthub.com/images/2007/01/03/ES_317_VB_3.png
Damn buy orders flooding into the close 25 more min of trading..shorts covering by the thousands reminds me of Dec. 1st when the nsdaq and dow had a similar late day rebound and all the shorts were squeezed into the close and the following monday
Watch us finish breakeven ... I bought some nasdaq (nq mar 07) today at 1765, 1754, and 1750.75. got stopped a little bit from one of my nasdaq buys (lost a few pts) at 1760 (stopped at 1757). that was a bullshit selloff. maybe those long mutual funds sold those futures into lower liquidity pre-FOMC and accelerated the pace just to buy some stock on the cheap today. delayed arbitrage.