1/16/2009
As noted to our premium members in our members only emails for the last week we have been watching the 1145 level as a HUGE level to really pay attention to on the ES. This is a Monthly resistance level and you must be aware of this level if you are long this market. Over the last month the markets have climbed higher on low volume right up to the 1145 level. The high was actualy 1147 on this leg so far. There was a Doji on the day we were looking for a top then we engulfed it to the downside.
Going forward into next week we would have our stops in tight on longs and be looking for new trades to the downside. We have pinpointed a few stocks to buy puts on Next week, if the market give us a sell signal.
Be very careful with your longs here!
Happy Trading,
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