Apr 072010
 

We obviously had the 84.50 level right pre-market and took our short there. I had originally thought I would tick scalp it with just a couple hundred or so, but we ended up full and holding on a bit longer for a full handle of profit. As you can see from the chart, lots of institutional selling was pouring in so we decided to trade back into the center of that little balance area from overnight/yesterday. I thought it would grind there so I hopped out only to watch the big selloff into and through the OL. I scalped it long twice at the OL and short around 79 for a couple ticks each. I doubt I will work a real long position here though. If you do trade it I wouldn’t be too optimistic past 82 and keep your risk tight. I’m probably done for the day but if it breaks down hard you might want to look at selling 76 into 73.50 or so. UPDATE 3:53PM EST: I just got back from a meeting and I guess I missed the action. As we said in the pre-market sheet, we found significant support right at out 73.50 level, which was also last Thursday’s VWAP incidentally. Sorry I missed the big move as I have been calling/wanting to sell the flush from 76 into 73 all week. Oh well. I got off a few more scalps right at the bottom when I happened to get back to the office and have another position catching the short covering into the close. Just  covered at 78.50. Nice day.

 Posted by at 11:08 am

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