First off, all this crazy vol and nonsense is just low volume stuff. Market makers really get a foothold when it is thin like this for no reason. That said, it doesn’t make for great opportunity, though if you trade size you can’t get as many on as you would like. Our levels were spot on again today as you can see. We felt the OL range was REALLY setting up wide. As far as the market was concerned, the OL was being treated as such everywhere from 2.50 all the way down to 1.25. We scalped the OL bounces many times across all those prices and have included a few (as always in purple) as examples. We got the big volume shift with retail chasers on the second push down to the OL, got long with a fill at 2.50 and traded into the next stall hopping out with a point. You can see our breakout trade short under 1201 worked out perfectly, but we passed on that one. It was just acting too whippy on the light volume and to be honest, we were confident 1200 would hold. I guess we were wrong about that. Dead wrong. But it just wasn’t a high probability trade in our eyes. We waited for the bottom around yesterday’s low and grabbed another point there with a long fade and a few more scalps. Done for the day with a bunch of winners. Hope you all caught some good stuff around these levels. I’m betting we grind back up and base in around 1200 or so. Have a good weekend guys. See you Monday.
Apr 302010

