Morning Take $ES_F 11/11/10

Just a reminder, bond markets are closed today. NQ_F is looking weak this morning, it is safe to assume that is because of Cisco’s poor earnings.  It could weigh on the market.  Overnight range in ES_F is 1213.75 to 1206.00. We have a gap above at 1214.00 and also double bottomed overnight.  200 period MA in the 60 minute comes in at 1205.30 and have not closed below it in this run up.  I am anticipating a stop run if we get below that area and aggressive selling if we get below yesterdays low at 1201.75.  Below 1200 and above 1230.75 would be considered a breakout of volatility.  Support below, assuming those areas do not hold, come in around 1193.00 – 1195.00.  Good trades to you.

Disclaimer: Futures and options trading involves substantial risk. Not responsible for typographical errors.  See full disclaimer below.

We would really appreciate your feedback, if you like, hate, or think we are full of crap. Please leave a comment, a voice mail (312) 725-9121, email info @ mytradingnet (dot) com or twitter or personal
Subscribe to MyTradingNetwork.com/blog by Email

The services and materials provided should not to be interpreted as investment advice, an endorsement of any security, commodity, future, or personal investment advice, or an offer to buy, sell, hold or trade futures, options or commodity interests or a recommendation to buy, sell, hold or trade futures, options or commodity interests. You assume the entire cost and risk of investing and are solely responsible for any and all gains and losses, financial, emotional, or otherwise, experienced, suffered, or incurred by you.

Read previous post:
Morning Take $ES_F 11/10/10

We have a tight range overnight.  Range from 1213 to 1208 with a potential gap at 1211.00. Anything below 1199...

Close