Pre Market TAO Wednesday 6-17-09

The overnight ES futures Action is clearly shifting the overall sentiment to the down side.....at this point i am leaning more to a seller of rallies but not totally convinced yet....the dollar is seeing some strength and oil is down as well as gold....the stronger Dollar will feed in to the bearish trend direction........the pivot is 92.04 and the spy will open gap down and below daily pivot.....so we are in a holding mode at open will see if yesterday ranges hold and watch tick and volume for first 30 min's........i will usally use the 2 day down rule and buy the open .....but we are seeing too many bearish indicators this AM....
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9:35 et am....energy , indus , finan, mat ar all starting out below yesterday range....

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10:40 ET AM ....The markets are in the bad news is Bad mode today......the Spy is lagging because of the bank sector down grades the financial' s are dragging the market down.....tick is in bearish bias .....looks lke all other sectors are beginning to follow the banks....
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12:00 et pm ....spy is moving back up to yesterday range....well see if it holds....it al so put in a mini head and shoulders...target is 9225...then 9275....will enter here at 91 75 with stop below 9150... ...spy call july @10.00 ....2 contracts with 93 delta ....eq to 183 shares....
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12:20 et pm....tick is moving to bullish bias and all markets are beginning to get positive .....just broke 2 day down trend line...with increasing pos volume.....looking ok so far...i would feel better if we see some real strong up ticks +1000...
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12:42 et pm .....I covered my long at break even ....just dont like the action...will wait for market reaction to president speak...
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1:20 et pm...I'm taking the other side of this trade ......short...9175 spy target 9125 with a stop at 9201.....option play is july put 101 strike with a 89 delta...
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1:45 et pm.....More regulation is good news? this is a crazy market ......financial's are rallying .....i should have stuck to the plan .......now bad news is good.......
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2:46 et pm ......spy has a trend break of interday rally .....volume riseing and tick -800 ....this is a short play to the close .....i think spy will remain in this 9225 to 9100 range for the next few days .and with the overall sentiment i an inclined to sell rallys ....oh ya ..im short at the trend break candle..
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3:22 pm et....the last hour of trading has been a coin toss ....for me it like making a peanut butter and jelly sandwich .... and dropping it on the floor .....the peanut butter side always lands down no matter which side of the bread i use.....but the crazie buyers have been hiding the past two days....maybe they will stay away to day too...
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3:52 et pm Wow the bulls are shooting every cannon they got to keep the close in the green
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3:59 et.pm ...closed out trade with a little squeeker of a profit...... I'm gona call today a wash....
but that is ok it is all about preserving money to fight another day...... .....the key thing to do in trading is do every thing you can to lose less than you make..... and even? ...well.. is not losing...