E-Mini S&P Futures, Daily Chart

The market moved up strongly last Friday, which was surprising given last Thursday's grim-looking bar. Players who were looking short got badly burned no doubt, and the weak longs who placed their stops at the obvious pivots were all picked off before they could make any money. Friday's action made me recall that great expression: "Trading is the toughest way to make an easy buck."

E-Mini S&P Futures, 30-minute Chart

You can see the obvious pivots on this thirty-minute chart and how Friday's 10:30 - 11:00 AM bar cleaned out all the stops that were presumably placed around those levels. You have to pity the newly-stopped longs as they watched the market climb 20 points without them along for the ride. ;-)

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