|ES_F 1 min|
NDX trading 2324.75 ES_F trading 1317.25
Another interesting trade today… The index’s were bid today after they ran all the sell stops off the open, piece of cake right? Yeah i know it is much easier to talk about price action then to trade it…..but if you are trading what you see and not what you think you would have realized the price action this morning was turning bullish after we kissed 1300.25 and failed to make a new low.
Once the new low failed we got a nice buy program which jerked the bid chasers up to 1308, a second pushed us to 1311.75… The stair step pattern was in full affect today, you cannot fight the QE3 front running hedge funds taking up positions ahead of quarter 2 ….We are back in the “high beta madness” game… Though on the contrary Apple traded rather lethargic once again today… Apple moved into the green at the close as a nearly 500 million dollar buy imbalance came over the tape sending the spoos and ndx racing to highs…