ES Tuesday 1/03/2012

Originally posted by BruceM

I'm buying at the money puts with the YM leading as it is.......Ym took out it's overnight high but not ES....at least not yet...stuck inside the dreaded hour range...that YM overnight high is critical for the bulls....i'm not convinced of all this bullishness...


the real point...the market doesn't usually break away from a previous weeks real time high without a retest at some time during the following week....it happens but very rare...so puts are a good way to try and play for that ...especially in this post holiday boredom

Originally posted by BruceM

I did mike at the plus 4 -5.5 pitbull zone but I was hoping it would get above the O/N high for a better fade......the reason for the puts is that I still find it hard to hold for longer term moves without getting spooked out