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Crude is consolidating in the resistance area. It briefly tested the high point of the zone (100% alt of prior major wave) but as of yet remains unable to escape it.
I don't know how well crude is correlating with equities right now, but equities have been on an absolute tear. I had a nice long on ES this morning for +4.25 handles, and called it a day around 11:30 so I could go do a little shopping and end the week on a good note. This is the s&p cash chart, and to me is up until the 66 resistance is hit. Beyond that, we'll have to see if we continue the rally to the high 1200s, but if crude is following equities much, it will probably tag along higher for just a little while longer.
I can see a lot of growth and understanding that took place inside myself this year. I can't quite put a time and date stamp on any one drop of wisdom, guessing they'll rarely be that obvious as most are only drops in a bucket. But over the course …
I may add an additional element to my trading in 2012, where I will be watching multiple markets after the close for potential swing trade opportunities. I wrestled with the notion of going for larger moves this year, but that style fights with a method that makes me feel more confident, and feel I have more opportunities. But I have a theory that it will produce a much better reward to risk ratio. A large part of my trading core is risk awareness; risk to opportunity, risk to reward, risk versus time, risk-to-risk, etc.
I am starting with a year end view of 8 markets. (I may replace silver with something far less ballistic, but this is my lineup for today.) I may not find what I am looking for for months. I may find it week one. I may decide to stick with what I did in 2011
Watching for a crude buy around 100-100.50. If I could tell the market exactly where, it would be 100.20-100.30 But a lot of things need to happen first.
ES is bouncing right now at an area I had set to watch from 52 to 53.50 .. next down if it goes is 46, and if it does not get happy there, I'm not sure.