Morning Update: 1/24/2012

3:17… am

 

The market indices started out with a mixed session, and closed narrowly mixed. The day started out with a thrust to the upside with new rally highs on both the NQ and ES, reaching 2454 NQ, and 1319-plus on the ES. Then the indices rolled over hard, taking the NQ from 2453 to 2421, and the ES  from 1319 down to 1305. They worked their way higher, recovered about 50% of the losses, and pulled back into the close.

Today I had one trade 6C…

This was a balance extreme short that I intiated as a swing short. The timing on this trade was perfect and was able to take a quick 40 pip profit within hours. However, due to somewhat of a late and litghter position that i personally wanted my STOP was not placed in n ideal locaiton. As such, I was stopped out of the remaining balance for a small gain. I actually reentred the Short later in GLOBEX and currectnly still have the position open. My intent is to selll at the ABC low target of 0.9862. We shall see….

No news for tomorrow.  Although Wednesday there is the FOMC rate decions. This can make tomorrows action somewhat muted or we may continue to grind higher. As I scan charts its clear that the market is overbought but yet we continue to grind higher. Last time the market was this “over bought” we pulled backed 8-18%

 

Olof Thomas

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