Lot O Selling

More selling on that open then I expected. No worries tho. It just means we are going to have to wait a little longer for the pullback. It may not happen today. For now I am holding a small futures position short.

TLT saves The Day

So we mentioned last pot that we would continue to look short if the price action stayed below 12742. It however did not. Once we had intrest above this number this was a soft signal long for me. It was confirmed when the qqqq, broke over its opening [rice at almost the same time the TLT ETF broke to new lows. After all this and still no big price move it was high probability that bulls where going to make an attempt. They did, when the YM broke to a new high it was a long signal. Had you taken this trade up to R1 you would have been good for about a 50 point move. I sold half at yesterdays high on the ride up as that could have acted like more resistance then it actually did.The chart below shows the QQQQ getting above the opening price. Notice how I draw the opening price right away and watch it very close in the first hour or trading. It is a paramount flip point as set forth in this morning trade.

A decent morning so I am taking a break. I

The failure point on the YM future contract that I am watching is 12758. This is not only the opening price again but also lines up very close with the 61.8 retrace of that last push up. Having these two levels at the same area on the map is a very high probability flip point.