Emini Trading Update – Monday 21 May 2012 (13:30)
We got the bounce today after exhaustion selling Thursday and Friday. But the Bear in me hopes this is just a temporary retrace. I think the real fireworks will start when AAPL hits a daily cyclical resistance – and if that coincides with a bunch of cyclical turns on the risk on/off charts then watch out.
As for today, I got faked out by that spike down early and so started off under pressure. But got on board at 1,298 and made it back before quitting for the day. Runaway up days still not my thing.
Link of the day …
Some of you might remember that the CME made some changes to the ES data feed back in October 2009. It ended up being a little bit of a non-event for me – although I did have to adjust my tick chart settings from 233/699/2,097 to 500/1,500/4,500 ticks.
But the worry at the time was that Professional activity would be obscured by large trades being dis-aggregated. Luckily that didn’t happen and Better Pro Am still identifies Professional activity just like it always did.
What actually changed and how the CME handles large trades in their data feed has always been a bit of a mystery. But today Rick McD. sent me to a 2010 video by Joel Parker of PriceActionRoom.com. If you’re interested in the details this is a great video (the good stuff starts around the 15 minute mark).
Good luck with your Emini trading.