Tuesday, January 27, 2009

Tuesday Notes - Awaiting the Green Light

6:35pm 'Twas a rather dull day on the trading front as ES traded completely within Monday's range and looks for some catalyst to break the current logjam.

At this end, I kept trading volume on the light side (3rd lightest of the month) as noted on the updated scorecard, even staying away from many possible 1- or 5-min trend pullbacks as both volume and pace were extremely suspect throughout the session. Frankly, I felt the pace was pathetic, and you know how much pace means to me.

As I write this, I see ES is up 13 points in the overnight session, and it will be interesting to see if the market decides to gap out of the range as it again tries to frustrate intraday players looking to time the break.

Nevertheless, three sessions remain before we close this "first hour" of the 2009 trade, and I'm going to be on alert to try to match any uptick in market patterns, volume, and pace with a similar increase in interest at this end.

I do feel I'm beginning to dance a bit with the market -- despite continued modest chip gains -- at least in terms of matching its pace. Right now, we both seem to be in park as the gear shift waits for the green light.

I'll keep the text short tonight as I was a bit long-winded in today's earlier post.

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