Then how could you attribute the drop to MBI and ABK? I'm sure it shouldn't take traders minutes or two to decide it's bad. The 1475 zone on the ES has pretty strong resistance and as soon as it formed a star on the hourly, chances was that it's going down. Anyways, to each his own. I prefer to trade without needing to pay attention to news and I'm sure there are countless BETTER traders than me that use news to their advantage.
The news wasn't released very clearly. The first headline said "S&P updates ratings on bond insurers"...but there was no story...just that headline. A minute later a headline said S&P affirms ratings on MBI and ABK......finally, a few seconds after that, another headline said "S&P puts MBI and ABK on negative watch". That's when the market started to get rolled. Anyway, I just think any news service is better than no news service.
OP, we are in a bearish market... even though you see a nice long setup you are taking a big risk given the current sentiment of the market. Look at the past few days or weeks. Any type of rally is encountered by relentless selling. Look for short plays and you'll be on right side
Bcuz the market is in a pretty tricky place. If you read the news, look at the charts..etc etc etc..all of that is screaming danger will rogers.
I'm holding positions for no more than 20 mins at a time Mr. One Post dude. I'm not holding for weeks or months. Therefore, I will go long. Plus, I'm at work, so i'm not checking out the news every second of the day.