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[NAV]

Market has entered a strong trending phase on the daily charts. That simply means, buying the dips will be much easier going forward and will make more money than trying to fade the rallies. Fading the rallies can still be done on intraday timeframes, but overnight shorts can get unpleasant surprises in the form of brutal gap-ups. It's much easier to catch swing bottoms, as they happen to be simple signatures on hourly charts as opposed to catching the tops, which can have very complex signatures, when the market is strongly uptrending. As for the VST, as i posted yesterday, SPX cash 1500-1505 should provide solid support for this pullback. That's the area i will start probing for swing longs. I will post the trade on my blog, when i take it.

Edited by NAV, 25 September 2007 - 04:50 AM.

[eminimee]

I am smelling a wee bit of bait in a bear trap this morning....I'm trying to buy 1521 ES with a 1.75 stop.

Edited by Teaparty, 25 September 2007 - 08:05 AM.