YM Futures Type II Trade 5/5/08

Overall, the senior indexes haven't offered much in the way of clean opportunities this morning. With that said, we began seeing some potential in the counter trend of the Dow Jones e-Mini Futures. We have very good Oscillator divergence and this is a good Wave 5 downward. The only aspect that hasn't developed is the price action missed the MOB by just a couple of ticks.

Interestingly enough, this setup hasn't developed in the S&P. Take some time to compare the averages to get a sense of where the strength is. Trade smart.

~ Duane Gott