As has been the case for the last few days, the market was once again focused on the financials and the futures trading was frantic…..from -132 pts early on to +162 and higher after I stopped
trading for the day. Lehman Brothers and it’s attendant problems, along with oil, sub prime mortgages and every imaginable malady ran the market at a manic pace. I stayed fairly conservative all day, more out of fear than anything. Entries and exits were difficult to pinpoint, so I stayed at a 12 tick and stop limit and made out okay…though I did not trade more than 3 contracts at any point during the day. I was up 4 pts by the time it was over, but felt like I’d been on an out of control roller futures trading coaster. Support and Resistance levels, along with pivots were honored now and then, but by and large the market staggered around like a drunken sailor….searching for leadership and direction.

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