Friday, May 29, 2009
End of The Month Rally
They got above opening range right after imbalances and never looked back. Right there they showed their hand on the long side. The play was to be long up to the big m.a.'s above. Stay long small and wait to get short at the 200 day moving average in the mini. They paused there only for a short time and then went right through it. At that point I knew to be long up to the 200 day moving average in the cash at 92840. Which put the mini at about 92750. Which is exactly what it did and then sold off quickly back down to 91925 testing the the mini's 200 day m.a. I believe that this might be a great short opportunity if you sold them up in 920's leaning now on the 200 day m.a. in the cash. The m.a. is pointing down and its the first time we hit it in awhile. Unfortunatley the cash was closed so it doesn't look like they hit their m.a. The bullish argument is we could be crossing over and looking for 96000 in the mini. We will see how they open on Mon. the first trading day of June. We are also in rollover now so it can get real dicey the next two weeks.
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