Es Morning Trade

Review of Tuesday's Es Trading

What started out as a relatively bullish session evolved over the course of several hours into a spectacularly strong bear-crushing rally. I noted yesterday that the initial battle was likely to be waged between 1375.25 and 1370.75, and while I suggested all trading above the mid-1370s favored our momentum buyer, I did not believe a rally into the low 1390s was in the cards (at least not in a single session!). Simply put, Tuesday afternoon's mad dash to expand long books caught me entirely off guard. While a short bias was neither warranted nor advised, I did suggest that traders take a breather and not be in too great a rush to chase price momentum. In hindsight, and at least as far as the short-term trader is concerned, that was not the best advice I could have offered....573 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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