Wednesday, December 12, 2007

News of the " FED considering more liquidity moves" points to a strong market open

10:11pm News of the FED considering more liquidity moves has push the ES strongly back up. Is this merely Leg 2 of the Bull Break, on the TREND Chart, or are we gonna see PRICE reversing Leg 1 that was created last night? Today's market action holds the key...
10:42pm PRICE is heading back down to challenge support. Looking for a SHORT set-up.
10:51pm Will put that trade on hold. Wife just got back & we've decided to bring the kids out for supper. Later.
10:53pm Before I go...Look out for a possible PPF of Support to go LONG, as the SWING Chart is still pointing up, and PRICE is almost in PRIME Support, on the TREND Chart.
12:15am Just stepped in...Looking at the last 1 1/2 hrs of PRICE action, it was basically PRIME Lower Lows and PRIME Lower Highs, on the TRADING Chart. We are actually in Leg 3 of the Bull Break. However, PRICE must created a Lower Low (against last night's low of 1475.25), to complete the full 3 Legs, and to change the current Bull TREND, into a Bear TREND.
01:05am SHORT 1497.50 / STOP 1498.50
01:10am Out at 1495.50 / +2.00pts.
01:26pm Looks like PRICE movement is stagnating for a while. Turning in for the night...

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