Aug 172010
 

There was a good short opportunity off the open.  The 9:15am EST Industrial Production report added some volatility to the ES, pushing price to the top of our 85.75 / 88 level pre-market.  Price then made a rotation and double top a few minutes after the cash open.  A short could have been taken off this rotation, but volatility was still high because of the market opening so it was a little riskier than normal.  On the next rotation up, price triple topped on a little prints creating a second shorting opportunity for this level.  Price moved right down to the 84 target but not enough contracts traded to get fills.  Given the target was 8 ticks in the money; it was best to just exit the trade and not risk sitting through a pullback.

 Posted by at 10:20 am