Monday 14th of February - Pre Market Thoughts

All the futures are showing small gaps down apart from the TF. Probabilities for gap fill look good for these small down gaps especially given the overall bullish tone of the market. I will probably look to fade the gap for fill but will wait on the open to see if we can get a bit more selling so that I can get a better entry point. Not much news to speak of this morning so odds are that the market will have a positive bias and fill the gap. Given how overbought the market is, I would say that a 3 point winner in the ES would be worth taking. Anymore than that and you're probably risking it as I expect a bit of consolidation (ie range trading). 1323 would be a good entry methinks to the long side. That's if we can sell off a bit to there.