Jun 292010

The market was not as overcooked as I thought.  After opening, it quickly moved below the OL into the large 51.25 / 54.75 LVN area.  It rotated around 51.25 before crashing down to the other end where it rotated around 54.75.  We did not get a setup in either rotation.  Fear was starting to kick in and the ES started tumbling again down to our next long fade area of 46.75 / 48.50 where it rotated as it awaited the consumer confidence news.  The consumer confidence number came in much worse than expected (another adjusted calculation error???) and the ES fell towards our next long setup area of 41.50 / 42.50.  Volatility was high as the ES made a turn up at 42.  A couple of rotations later, we had a good long big lots setup in the entry area.  Volatility was high so the target was given plenty of room.  Actually, volatility is still high which may produce additional trading opportunities this morning.

 Posted by at 10:45 am

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