Morning Update: 1/20/2012

7:30 am…

The indices showing more gains, especially in the morning part of the session yesterday. The day started out with a gap up, after which they backed off and retested support, and held. When that occurred, they rallied sharply, with the Nasdaq 100 going from 2443. The S&P 500 jumped from 1308 up to 1311, and then they paused to consolidate, with the NDX having a downward descent. The ES_F had a kind of sideways trading range of 3 points for the last several hours, and held in that range by the close. As I write this update the ES_F is making a balance area at the upper extreme of a larger degree balance area with price sitting at the lower extreme balance.

Yesterday I took three trades ZB_F, DX_F, NQ_F.

ZB_F: a balance extreme play that I took at the end of the session yesterday and I was stopped out this morning

DX_F: was a DX breakout that I closed for a small loss

NQ_F: short I took yesterday was an extreme balance play that I’m currently in now.

 

Today being Friday I plan on doing lite trading and I would like to wrap up trading any currency by 11:00 am.  Today’s news… EXISTING HOME SALES (10:00 am).

 

Olof Thomas

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