The morning was difficult to trade and it wasn't until around 9am that I started making money. I initially went short in the morning, but got stopped out, so I went long and struggled most of the morning.There was a big divergence between YM and ER2, which had me trying to bottom pick during the morning. Finally I reversed to a short position in the afternoon and scalped a few pts. and made the bluck of my profits.
P/L= $512
Market Observations-
NYSE A/D started out neutral and went bearish in the afternoon with the corresponding selloff in the major sectors (XLE, XLF, SMH) after BUSH's speech at 9:25am.
I've gotta got to work, so can't trade the last hour and a half, but we could keep selling off by the looks of it. Watch for a possible time reversal at 12pm.
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