Thursday, May 5, 2011

5/5 12:20

The trades have been precise last night and today.  I'm bearish this market but frequently a decline will stall near the edge of the envelope of the DJI critical M/A.  This happened at round number 12,600 today and I exited ES futures short and most of the short ETFs near the optimal tick.  The rally ran as a 3 wave into a resistance M/A.
Today was the 3rd test of the critical M/A and got deep into the envelope (within 20 points).

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