Whew! The e-minis dropped 10 points in 2 minutes after my sale, but since then have rallied 14 points in 8 minutes after a bounce off of 1250 support. I covered my 1 unit short at 1264 and am waiting to see what develops. The very fast and decisive rejection of the 1250 level normally means a trip back to the 1283 resistance is in progress.
Added Later: Apparently the fast drop was a response to a rumor that UAL was about to declare bankruptcy. UAL stock dropped from $12 to $.01 before trading was halted in it. UAL said that the rumor was completely untrue.
correct, but would you believe it that so far to my knowledge all of these trades in UAL stand........
ReplyDeletewhat a joke..
cheers
Susn
I don’t know if it makes a difference but that 10 handle move down was because locals were short and 1 large very aggressive paper seller came in. locals kept their hands in their pockets (no bids), they smelled dinner on a hook.
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