Boomerang Trader

Ranges still tight with market ratcheting higher

Posted on 14. Apr, 2010 by Johnnyr in Daily Recap

Good afternoon.  Johnny here for the Boomerang Scalp Trader update on Wednesday  for both Tuesday’s action and mid session today.

The ranges opened up a bit on Tuesday as prices dipped lower.  Mohan of the Daily Directional Forecast had called for the market to sell off but to watch the 1185-86.25 support carefully to see what the tape looked like.

Prices move down to exactly 1185.00 with the tape generally very bearish except the TRIN which has been the sign for support lately. With the TRIN trading near .60 it was a sign to look for support.

Boomerang caught both sides of the move on Tuesday as seen on the chart below

So far here on Wednesday it’s back to the same old choppiness with the bias to the upside.  On the Daily Directional Forecast Mohan had mentioned to watch for the market to stretch up to 1201.50 for important resistance which they did.  Right now prices are pushing above that slightly so we’ll see what happens.

Boomerang Scalp Trader had an early trade which got stopped out and a clear Buy trade that grabbed a +3.00 scalp. There may be another trade later in the session but with Bernanke in testimony, usually it is a good idea to stand aside on these days.

Have a good rest of the day and I’ll update the blog again in a few sessions unless there is some substantial action that occurs.

Stay focused and don’t forget to say the Magic 7 affirmations daily.   Johnny

Tags: day trading, e-mini, emini, indicator, S&P 500, scalping