Well, the EminiEdge levels worked like a charm today! After what I expected to be a sell-off day turned around mid morning, time to not fight the move and get long at 2060 and hang on for a quick 10 point screamer straight up. Immediately after, a beauty of an entry shows up with a tell-tale rejection at our initial pivotal resistance and we're off to take 10 in the opposite direction. Hey I'm not prejudice, I'll take them both directions if the market will give it... I was done after the first couple of hours, but there were two nice continuation setups a little after that that (red arrows), first was a stall setup, then the next was an Emotional Extreme setup (EE), clear as day. This run short continued for about 14 points after that and tagged our support at 2052 to the tick before giving an initial bounce, perfect place for profit taking if you were more patient than I. If you were really patient, right at the bottom there was a chance to get long, first with an EE setup that would have had me taking cover with only a point or break-even, but immediately was followed with a kicker setup long with EE and the market never stopped until it was 12 points higher. If we'd get this kind of action every day we'd all buying our own island... at least those EminiEdge subscribers who can read price action and know where the next days S/R is the day before! Seriously, hope you all got a piece of the beautiful swings, it doesn't get much better than that! The market is certainly news driven with the Greece collapse so the next direction is anyone's guess, but if I were pressed, I'm guessing we've made a short term bottom and would look to buy the pullbacks if we open strong tomorrow...
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"Trader Joe" trades the Emini S&P exclusively and is the main influence behind EminEdge.com.
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