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ESU9 August 31, 2009

I stayed out of the early action as the market fell out of bed on poor performances in the Asian market and elsewhere, with the exception of Japan.   True to form, 9:30 brought some quick action as I was able get a quick long trade and fade it on a short trade.  From that point on the market was choppy and uneven, and I burned a trade when I became impatient.

The day finished on two nice trades and another brain hemorrhage.   I thought I would point out how important S1 and S2 were today in the overall scheme of things and highlighted those two lines with blue arrows.  The market hung around both support lines pretty close today and they were very helpful.  As has been the case lately, the market staged a late rally for inexplicable reasons.