ES Monday 2-3-14

two quick pics of the zones I think are most important...it's too early to confirm prices or come up with a plan but we must be mindful of that 80 area...that is also where a lot of time was spent last week...a week in which showed signs of balancing....now the key question is are we balancing to make a new leg higher or are we balancing to show acceptance of lower prices to sell off....? I don't know and too long term for me.....Where we open today in relation to fridays VA will be important and give us some clues to see if we are to remain in balance still


one chart is the time composite and one shows the day sessions with key zone of friday and above and below...essentially the same areas

I'm doing one lunchtime trade today by buying weekly call options now that we are near 1.5 the IB ( 47.50 area) and we have two sets of singles on the charts

I have bot a few calls myself today Bruce. Not looking too smart Yet

agree RB...my pan is sell part of them back if we can go tag 57 area and I only use them when I have an idea what should happen and don't want to monitor the whiplash of a futures contract...and I'm in no mood to watch this anymore either.....

If anyone isn't familiar with Bruce's fib grid levels, today's action would be a good day to get familiar with them.

http://www.mypivots.com/board/topic/7088/3/the-fib-grid

Obviously, they don't always halt a move. But I continue to be amazed at how often they work as support or resistance.

thanks for posting that ETM.....hard to beleive we have 3 sets of singles on the charts...lets see if they can get at least one cleaned up before days end...closing out my calls at single fill or days end...these weeklies have so much decay that holding overnight is not wise