Thursday, July 28, 2011


Market has ran into suspected resistance @ 15min200 and turned around hard. Our politicians are the best contrarian indicator, spoke just in time to coincide with technicals. Today was one of the purest and easiest tow-way trading days of the year, surprisingly. If you made the money sit out the vote time. Perhaps it will not even matter, as we understand it now, Mr. Reid and Co. will reject it in senate. Uncertainty breeds opportunity. Use it to your advantage.

ES_F SPX futures closed at low of the day. Traders were ready to sell the rally, and used some mildly better economic news to lighten up positions. Risk-off environment continues for a while longer. 50 dsma served as a resistance on cash index. Next support comes in @ 1295. Here are the levels to watch if things really progress towards the worse

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