24 January 2007

Back To The Futures

Bought the Nasdaq futures this morning on a break of the opening range high (1803) which took us right to the first fibonacci extension off yesterday's low @ 1810.50 for a sweet and quick 7 points.

My bear trap theory has worked out quite well so far and those QQQQ Mar. 44 puts are coming back into the fold...just not quite there yet. I'm thinking we are in for a range bound type of day at least away from the NAZ, so I shorted some S&P futures @ 1441.25 looking for a test of yesterday's pivot high some where in the 1335-1338 area...a break of the highs at 1442 will stop me out but so far so good...see you in the action...jfg.