06.11.13 ES Bouncing Around Like a Marble on a Cement Floor Today was wild day. Down at the open... up off the bounce from the Globex Low... topping out at the 100% Fib extension and then dropping again back into the OR box, only to bounce up again off the Globex Low... Ending the day back at the Globex Low. Wow... Like a ride at Six Flags!! The OR has a great day today.. capturing 7.75 points on 4 trades! Looking at the overall market the ES. Yesterday we touched the 20 MA daily and now we have pulled back approx half way to the 50 MA. From here we are hitting the bottom channel line from the beginning of the year. The question is whether we will bounce and head higher from here... making a higher low... or whether we will fail and retest the 50 MA. This is a critical point in the market. We will have to wait and see how this all plays out. Also, I want to make you all aware of the fact that we are coming up to the Jun expiration of the ESM3 contracts. Thursday after the close we will be rolling over to the Sept ESU3. The current contracts will be expiring on 6/21/13. So just be aware of that. Have a good evening and we will do it all again tomorrow! Cheers John
Posted on: Tue, 11 Jun 2013 21:05:09 +0000
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