WE got our touch of 73 in the O/N session and a trip to 90. Today's session, I did not get a good read so stayed away. Once again, ES i splaying transformers. A close look at the chart shows the possibility of an H&S and an IHS. I am not taking any bets on this one. Hence the title. You gotta know when to hold'em and when to fold'em.I Can see a case for the 2818-20 area or a trip down to the 2750 area. Given that most of these moves are happening int he O/N session and the RTH session is becoming a grind. We are very close to the century mark, however, I would not be surprised if we open around the 79-80 area or perhaps lower.
Comment:
Interesting that they ran it up to 98 o/n on the back of the China news. However, it was short lived.As anticipated, we opened around the 80 area.At this juncture, it is still no mans land IMO, but just say that below the 87 mark the odds of a trip to the 31 area become much more likely. For now, I think we may try and get upto the 78-82 area in the o/n session. AS long as we stay above 73.5 or so.