Friday, October 4, 2013

Widening the Net for Sun-Mon...

Unfortunately, we didn't get filled on our sell orders late in the afternoon but that's ok. I've learned that in trading, just like life, sometimes things happen for a reason. As I've stated before, I believe that we are going to continue to see the market grind higher over the next 5-10 days without trading above the "no taper" spike high. The back and forth should provide some some nice trades on the short and long side. The 10 /ES points above these levels contains some nice entry points to scalp to the short side. After re-examining the charts you can see where I've designated the 2 different points to leg in to the short side. We should get a spike on Sun evening that will allow us to get filled. 87.50 and 91 are where I will be placing my orders. Make no mistake, after this circus of political drama plays out, the ghosts of May 2010 and August 2011 will come back to haunt the markets. The 3 long term charts below show the resistance that these markets are trading against.

Nasdaq 100

S&P 100

Dow Jones Industrials

No comments:

Post a Comment