ES rallies back above 1100 before stock market open = much more manageable OPEX

Bernanke must be back on the old printing press again because the buck has fallen back from 81.4 to 81.0, meanwhile ES has climbed back above support as shown. This is a much much better and more manageable situation than the one we were facing last night with ES at 1094 because now we can count on 1100 as support.

Today is OPEX, MMs are going to throw volatility at you. You have to expect it. The strategy that works the best for me is to draw all the support lines and come up with as many scenarios as possible. Typically you can take the current trend into account and throw out scenarios that lean too far away from the current trend, but today is the one day you have to take them all into account. And a huge gap down would have introduced so many scenarios that it would be hard to analyze them all.

Anyway, 1100 ES is support. We open above 1100 and we can evaluate the selling pressure near 1100 to determine whether we can hold it or not - which provides us plenty of time to adjust our positions if necessary. If instead they ramp it up, only bears are going to have problems with that. If we open and they ramp it up, then I'm going back to sleep. Max downside becomes 1100 in that case.