Morning Update: 12/22/2011

Hello Traders:

10:21 pm…

As  the holiday weekend approaches, the volume will become smaller, and thus the likelihood of successful setups diminish dramatically. As I write this update the ES had a rather uneventful day;  it retraced gains and closed at 1238.  TF, NQ, and YM also retraced gains and all indexes are currently in a balance area awaiting tomorrow’s economic numbers. I still hold a rather bullish outlook but I do acknowledge that today’s action was not the follow through I wanted to see.  As such, we will remain disciplined and consistent while waiting for  high probability setups. Employment numbers as well as the Michigan Confidence numbers are released at 8:30 and 10:00 respectively so expect volatility and noise. Please check the data sheet for your support and resistance levels.

Trade Well,

Olof Thomas

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