The fade trade has worked all week. So far the opening today is no different, gave us a big gap up to new highs @ 1429.5 that could have been sold before market opened, to the tune of 10 pts so far as we type the ES futures are trading 1419.5 and pushing to oversold on the short term charts to 1418 on the PIVOT POINT @ 1418. S1 below that range is 1411 or so. Not sure if we will push that low, but the easy money trade all week has to been to fade the premarket ranges. The last few days we gapped down, only to resume up all day, today on expiration Friday, its the opposite, fade the gap up and take the easy money.
Now go fill your car up with Salt Water
1 response so far ↓
Miguel Salazar // May 17, 2008 at 8:06 am |
Great post. Personally, I’m betting big in the solar sector. I believe it will be huge in the future, with rising oil prices. I’m currently holding ESLR, JASO, SOLF and WFR, and considering entering in either ASTI or DSTI. Stay safe, stops are in, emotions are out!