Saturday, February 1, 2014

Bottomed for Now? 1-31-14

The market is getting volatile. As I woke up this morning ES was down 23 points. European and Japen reported lower inflation which caused concern of slow growth. I think the US GDP of 3.2% saved the day. We tested new low of  1761 before open and pushed all way back to the range of yesterday and last week. Then it was the later afternoon selling again. It was the same pattern for most of the week. ES parked at yesterday's low. However ES looks like had a strong rejection at 1761. It appears that was a good bottom test for now if there is no several bad news come out over the weekend.

I had two fills at 1705 and 1715 for next week. I didn't extend myself too far out until the outside risks are cleared. Let's see if we can hold the low next week.

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