Day trade Journal 5-29-09 Friday

10:30 am etwe opened with a small gap up then a run up to 91.70 the secondary descending trend line...price moved back down to 9080 then rallied back to and tested high.... Xls are testing top of their ranges and the Tick is leaning to the bull side with one quik tick above +800.... looks like we hover here a while....volume is dropping off ......
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1045 am et ....Index's are felling back into yesterday ranges..... but sell volume is not really there.
tick is making lower highs but none greater than -800...
es futures is holding 910.........

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1100 et ...energi looks to be the only thing above the trade range...all the indexes are testing the move back down in to range as well....

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1145 et Indexes are at or below close and below Vwap spy is holding better than other three qqqq is leading down ....there is not alot of real selling pressure follow thru ....
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1234et....every thing i see is screaming to me, sell.....but the tick is stuck leaning on its bull side....
markets are thin and volume is low on this last little rally ....telling me bear flag .....but we need to see some selling pressure in the after noon session.....hard to say what we get for now...
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2:00 et....spy has tested and fallen back down through yesterdays trade range 3 times looks like there may be an evening star pattern building on the 30 min chart.....it is rare that spy dosen't tag the daily pivot line at least once in a session....
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4:05 et .....spy.... Whoa.....didn't see that huge short covering spike coming in last 10min's...
it looks like every short in the world was running for the big glowing exit sign.......I put on a nice
put play near the top of the spike 1 min bfor the close....these end of month day spikes nearly always gap down come monday and retest fridays range ....but just in case i got my stop in too...


have a good weekend...!