Thursday, April 9, 2009

April 9, 2009 Thursday Trade 1 Short 1 Contract

We had a huge 22 point gap-up due to positive Wells Fargo news and better than expected jobless claims. This setup was straightforwards, short against the strong daily swing high of 848 which should have a strong first rejection, on an overbought condition with the bid/ask volume indicator showing good down volume (more big trades at the bid). I got out early because I saw buyers stepping in and no follow through.

Trade 1 (Short 1 Contract +.5 Points):
Trade 1 Screenshot