Pre Market TAO Thursday 6-11-09

The daily TAO is green.....The overnite futures where basicly flat ...due to the June rollover to Sept.... I 'm still in buy the dip mode.....any return to yesterday buy zone is a buy......spy is still in multiday range.....

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10:00 et am.....spy is at or approching range high.....are we going to break away? or start a "F" leg down...I think... we get an "f" and "g" leg ........the tick or the volume supports a big break out this AM......just dosen't feel strong here...

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10:30 et am...if spy test this high and fails it will be a short play to yesterday low 93.50 ish place stop just above high ..
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11:45 et am......short AT 95.30 with stop above 95.50......target 93.50
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12:10 et pm ......covering short at 95.15 very small profit......the bond auction starts in 15 min... will watch for better tick and volume action
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12:35 et pm.......all the XL"S have remained in yesterday range other than xlk and xle.....the xlk is turning back down into range ......xle is still well above range but looks to be turning back down as well.....the naz....dow .....s&p ...russ ....all look like bull flags ........tick is very range bound but leaning to bullish side..............just watching for now....
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1:10 et pm.........looks like the market likes the bond auction yields got a strong tick up ....i"ll wait 30 min's to see how it is digested and wait for a support test to go long....we had a break out to the up side but volume was not huge ....and tick should be slammin the +1200 ....and it's not .........i am reserved here.....
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2:15 et pm ....i am long at support test of 95.70 looks like it is gona hold .....stop below 95.50
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2:40 et pm .... this is a very lethargic break out for a major area..... volume is poor and tick is still weak than expected...
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Ishould have suspected this was a false break out ......these markets are very bi-polar......that's why i keep stops so close to entrys........the last hour of trading i have concluded to be a waist of time ....it seem that the program trade Bots kick in and you just cant tell what they are going to do....i find the last hour of the day is like rolling dice.......there are two options 1. pull off the trade by 3pm or 2. ignore the last hour if you are with the major trend which will re assert itself in am trading.....to day i was long at 95.70......the market sold off inthe last hour 80 points.......I decided to add to my trade at the close and take the am trend up...