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.

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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...