May 13 2008
Today’s Trading Look-Back – May 13, 2008
I really couldn’t have nailed today’s range any better. Too bad I didn’t take a little better advantage trading it. 
The market opened today on the high side of 1405 which put it a bit below the 1406/07 points of control from back on May 5th, above which the distribution got real stretched last week. On the downside was the 1396/97 combined points of control from Thursday and Monday. That provided a really nice range for the day.
When the market ran up to the upper bracket I took the short because the market wasn’t showing any underlying strength. I then was able to play the move down to the lower end of the range, picking up decent points. Unfortunately, I didn’t reverse at that low point and make some more nice points on the ride back up.
Here are some other posts which might interest you:
