As expected, the 1200 level became a fight zone this morning.  I was prepared to go either way, short or long.  The sellers came in at 1200.25 and quickly overwhelmed the buyers.  They were so quick that I missed the best trade entry at 1200 and got my short on at 99.75.  When I posted this morning’s commentary, 98.50 was a high volume price.  Since my post and during the first 20 minutes, the high volume price shifted down to 98.25 so I used that as my target.  This morning was a perfect example of how biases and opinions have little to do with what the market will do.  I thought the market was going to run new highs.  However, I also knew the market could turn and reject hard at the 1200 area.  Thus my trade was against my bias, but I could not argue with the sellers.

Once again, RG will post a chart a little later (we want to keep consistency of charts on the blog).

Update 1:45pm EST: For those of you who can sit through 2 hour trades, the long break out trade from 1200.50 to 1203 worked on the second move back up to the 1200 price area today.