These days, since the market lacks any firm, consistent direction, any /ES trading I do is short-term and opportunistic. I am rarely comfortable "sleeping on" a position unless the potential far outweighs the stop-loss level.
After the close yesterday, I went long the /ES at 813. I set a reversal (that is, not only close, but go short) at 811.25 at first, but then edged it down to 810.50. That level was hit, and I was then short 10 /ES after having been long 10 /ES at a loss.
The market worked its way down to 803, and I decided that was enough. Hardly a huge move, but it was enough to recover my prior loss and make a few thousand bucks to pad the account, so I was satisfied. I'm glad I did so, because by the morning, the market was at 817 again. The good news, naturally, is more government handouts (TARP), not anything actually legitimate and sustainable.
Looking at the /ES now,a new short at about the 820 level looks intriguing. Continued strength above those levels would cause me to back off. The "duh" short level is way up around 840.
