Tuesday, January 13, 2009
Out
I just covered my e-mini short at 863.25. I was looking for a high volume follow through to the selling I saw below 864 but it did not materialize. I don't have any firm views on what the rest of the day will bring, but the fact that the sellers could not attract a following is bullish for tomorrow.
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Admittadly it's a difficult trade at these levels. I think the range is 850-880. Until it break I will be a scale buyer from around 860 and a scale seller from around 870.
I don't know which will break first 850 or 880 but I do think a break of 850 will have more room to run than a break of 880.
There a many long out there saying "It aint gonna break 850" yada yada yada
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