No trades yesterday setup.
Today I see that conditions are ripe for continued sideways action - the cross currents are in place to keep the market oscillating in a range and right now I see 10 pt rallies in ES as a short sale and 10 pt declines as a buy, each risking 5 pts and targeting 5 pts.
There are bearish and bullish factors that may very well keep us contained the rest of the day -
bond market rebounding on weak PMI data and deflation concerns and deeply oversold technical condition of the bond market is a bearish factor. The rising YEN is a bearish factor and the bearishness expressed in the options market is a bullish factor as I see it.
902.25 LOW in ESM9 since 9:30AM-
913.50 HIGH
906.50 last, +1.00 on the day.
I'll update parameters when I see a specific entry price.
11:15aM
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