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Interesting to note that just a month ago: "Dimon had defended the unit as a “sophisticated” guardian of the bank’s funds on an April 13 conference call, calling news coverage “a complete tempest in a teapot.”...

Closed position at 57.25 (MOC), -4. Cumulative P/L: -4.25 (Twenty trades).

Well you finally got your gap fill. Happy?? :p

Covered ES short at 59.75, B/E. Not seeing things clearly today, so stepping aside. :)

Added at 61.25, average short 59.75.

A very nice "W" formation if the bottom is indeed in. Would be strange not to fill the gap though as you say...it's oh, so close. Looks like it's time for the lunchtime "range dance" :)

Now a break below 53.50 should lead to the gap fill...:cool:

Here's what I'm seeing so far...

Short ES @ 58.25, Target 51.75.

Covered ES long @ 55.25, B/E. Taking way too long for the market to move for my comfort level. Gap lurking at 51.75. Too many outside forces muddying up the waters. :cool:

Fed Squawk from Big Ben: http://www.federalreserve.gov/newsevents/speech/bernanke20120510a.htm "To sum up, conditions in the banking system--and the financial sector more broadly--have improved significantly in the past few years." Guess that means no QE3??

Reduced at 55.25, average long 55.25, target 61.25.

Added at 54.25, average long 55.25.

Long ES @ 56.25, Target 63.50. I will add at 54.25.

Long ES @ 61.25, Target 71.25, Stop 51.25.

Looks like 61.25 is the line in the sand, both sides fighting to defend here. I would like to see more downside...

Algos are hitting the bid with ridiculously large orders, looks like "pump 'n dump"!! Waiting at 58.25, got close last time down.

61.25 is R1 from yesterdays RTH, if it breaks then I expect a pullback. Pivot is 50.25.

Sixteen points in the last three hours, I am waiting for a pullback to at least the 58 range before jumping in.

You need to get away from those round numbers, play the .25's and .75's. :) Once that round number shows on the tape the volume hits and away it goes.