Friday, October 12, 2007

Friday, October 12th

Down...the tape is red and we have a new environment to swim in

The FTSE will open with a huge Gap down like the one the EOE is showing this morning


Short 553.75 and stopped 554 no need to hang into this, when volume is building a floor at 553.75


Trading to the downside means waiting for a TOP and then going short. Don't sell a floor

Long FTSE 18.5


need a higher high here

stopped +1 tick


Long FTSE 19.5


There was a 78c ask at 17.5 which was nearly taken in one bite. If someone goes long 63c he is not thinking to lose that ...dreamer...missed +10 and stopped again +1


This market is getting erratic...they for sure try to sell it further

Long EOE 553.85


Exit at todays open ceiling +10


Remember: On strong Gap down Days countertrend long trades tend to get sold agressively, so take 10 tick profits in indices