Apr 242013
Focus shifted to earnings this morning as Apple released after hours yesterday and Ford, Boeing, and Proctor & Gamble released this morning. The trend for the last few days has been up and the bulls would need to get through the 1577/1579 area to move higher. Thus my expectations going into the cash open would be for the bulls to resume their grind upwards or for price to test the 1577/1579 area and sell off. The 1571.50 area would be critical for the bears to send the ES lower. Between 77 and 71.50 was plenty of room for a trade. After a frustrating day yesterday, it was nice to get an opportunity early. There were several short opportunities on retests of the 1577 area which comprise today’s example trade.
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