May 032010

No “real” trade today. No set ups. No volume.  As of 10AM we had only traded about 150K contracts!!! We did have a handful of tick scalps with smaller size which we posted, but as we mentioned pre-market there was no real hard rejection area. The OH wasn’t it as 90.75 was important but when we got there it didn’t set up right for us. Remember, we like to fade with retail chasing what looks to be a breakout opportunity and then they get trapped running out of supply. That just didn’t set up this morning at these levels. We still think 93.75 will be great but on this kind of volume after this much time has elapsed it will only get worse as we approach lunch time. Be careful if you choose to hang around in this mess. The VIX is coming off a lot too as we expected so we may be in for a real grind with a tight range today. Tick scalping the edges should remain good though…

 Posted by at 10:13 am

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