FOLLOW THE SET UPS: NOT THE NEWS 5/23/13

NEWS NEWS NEWS.  The herd will jump on it and provide you with a trade.  Then the rug is pull out from under them, and you clean up along with the professional.  Trade your set-ups, not the herd knee jerks.


TODAY

[09:04] <CM> wider range today   understandable after the bo swings   lb 1643.5  mb  1638  sb  1634.5

[09:06] <CM> the bo-5 increments yday still valid as well 

[09:06] <CM> next upper roughly 1647  but today likely a range bound effort

PA stayed in the range dropping to the SB for support.  A quick range run followed by a TL check and we were off to the upper targets (the bo5 levels from yesterday) and the BO-5 levels for today.

Follow the set ups.  The tune the market plays will be your favorite.



 The SPY

Notice both had a play near the 10 AM  SB support challenge.