Today is Thursday September 9th, 2010 as the market moved out into higher ground.
We saw a higher gap opening with the market this morning and a slow process of it working its way back down to fill that gap. Most often the trading gap does get fill, but not always when traders expect it. Their are many times the market will work its way back very quickly after such an opening, but with today, it took several hours. The market did find support at yesterdays close as the trading gap was basically filled. The market moved up off that and closed up +28 on the Dow and +3.50 on the S&P futures.
Fridays market will need to see some follow through to get and keep the next leg started, so we will just have wait and see.
The volume was split with some traders starting to come in on the new contract month, esz10, which is for the December contract. Tomorrow, we should see the volume shift mainly to the new contract month as we see this take place. Some call this contract roll over day, as volume will continue to slip into next week on the current contract, esu10. So, be ready to update all of your charts and matrix windows or you may be looking at a price chart while looking at different prices on your order matrix page. When you want to put on a trade, you don’t want to find this out then.
Today’s trading I did OK, but I did miss a real nice move that did get me a little upset. I did not want to basically reverse my position when I saw I was wrong because of the slow, low volume day. Well, it turned to be the best move of the day. All I could do was watch it. That is trading. If you miss a move, you need the discipline to wait for the next trade. I could have found an entry to get short after the 9:30 West Coast drop, but just waited it out.
The trades I did take were as follows and are shown in the chart below. +5 ticks +4 ticks +4 ticks / Flat / -3 ticks / + 7 ticks +11 ticks +10 ticks. Four trades but scaled out. The three tick loss was on smaller contract size, which was good. I did see that trade as more risk and that is why I lightened up a little.
That is it for now. Lets watch Fridays session to see if we have follow through to today’s move.
Related posts:
- Futures Roll Over Day Tomorrow
- New Contract Rollover ESH11 & Two Trade Video’s Below
- Today’s Market Coments; Training idea’s continue tomorrow
- Mondays early move to 1115 on the S&P futures likely
- Federal Reserve Interest Rate decision tomorrow
Tags: contract roll over, gap, matrix, roll over, trading gap
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