ES Journal Archive (2011)
- Thread starter Buy1Sell2
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Call me a contrarian, but we built value up here around 63, and have not really been above it in almost 2 hours -- so while my bias is long, I need to see trade above 63 to even consider 73 -- at this point we are trading below the heavily weighted mode of the distribution at 63, and shorts may try to keep it below value there. We are still trading above the vwap though at 59.50, so we will have some resolution soon enough I expect.
http://screencast.com/t/bhi9CfzkdQ
Said another way, 50% of the RTH day's activity is in a 3 point range around the mode--60.50 to 63.50 ... very contained, and we are trading near the low end of that right now.
market is up 2%, but there have been days before when market has closed much more than 2%.
Its hanging here and not selling off for last 2 hrs (if you don't consider 3-4 points move down a selloff). I guess there will be a burst of buying once the afternoon doldrums are behind us. Good point to go long, imo, with a 3 point stop, targeting 8-10 points.
Sorry, meant to say that there is very little volume, many traders not showing up or at least leaving early today, Europe already closed, no more euro news coming, etc.
Another 10 points from here seem a stretch to me, I would expect to chop around here, but of course I could be wrong.
Now too close to the HOD not to try a pop. DOM now skewed to the upside
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