Monday, April 6, 2009

Mundane Monday

Monday was the start to a slow week in the market as it is a holiday shortened week with Friday being closed for Good Friday. The market saw selling early on but on low volume and half the losses were wiped out by the close as buyers came in. It's hard to short a dull market and its even harder to short a dull market that goes up after bad news. Thats bullish, so my bias continues to be bullish into Tuesday.

As for Tuesday, the pivot is at 828 and the market seems to be trading around there tonight so I will look to go long in ES futures above that mark. If the market fails to get over that pivot however they might push it back into the low 800s and fill the gap that remains from last week. We have support at 816 and 800 so I would guess those areas see bounces. If we don't break the pivot then I think 850 is a logical target to see the market at.

1 comment:

GS751 said...

I pretty much agree. I don't wanna start getting heavily short Until we see ES = < 812ish.