Morning Update: 12/28/2011

Hello Traders:

3:34 am…

Good morning…. Tomorrow should be a rather narrow holiday range bound market  and should be just as quite as today.  I would advise not to trade unless the setup is a high probability trade. Typically the light volume makes it difficult to see any follow through.  I wouldn’t be surprised if we saw a slow grind-up hitting the 1271, 1284 area, after which we will probably back off and hit support then only to consolidate the rest of the session.  If the ES is unable to get through current resistance at 1264 then a retest of support at 1247, 1239 is likely. We had very successful trades last week and I’m currently waiting until next week for volume to return and more constructive setups to form.  There are some divergences as the market climbs higher and I would expect somewhat of a dramatic pullback. May consider shorting into next week depending on my research this week. Thanks you again for following, please continue to check the blog and twitter for updates and trade alerts. The watch list has been updated with brackets, day trading candidates, market conditions, and much more.

Trade Well,

Olof Thomas

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