- in my view the bulls are still in charge...the markets negative reaction to the lower than expected michigan consumer confidence, took us below 1600 on the NQ...however some mid afternoon nibbling by the longs led to what looks like a big squeeze of the shorts into the 4pm close, which then continued into the 415pm futures close...
- i remain long the NQU09 at avg price of 1606.25/contract...it closed at 1615.50...the position is currently +9.25/contract unrealized...
- i am still looking to sell the second lot at limit 1622.50, and the first lot at limit 1627.50
- if these levels get hit, i will then determine at what levels i will look to re-enter the NQU09 discretionary swing trade...
- FAS also showed late day strength, putting in a nice bottoming tail on its daily bar for the second day in a row...
- 'SB IDX' generated an entry signal for today's close...i will post a separate entry for this later...
- did some work testing the 'SB IDX' discretionary swing model on intraday time frames...nothing robust was found...
- next week i will test the 'SB SPY' and the 'SB NDX' models on intraday time frames...
- my fingers are crossed for JE as he starts trading his intraday ES model in realtime (http://myestradingjournal.blogspot.com/2009/08/off-hours-return-to-live-trading.html)
Disclosure: Long NQU09, long FAS.
***remember this is an illustration of what i am trading and my thinking...my trading plan may change without notice...this is not a recommendation for you or anyone else, to buy or sell this or any other security...***
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