Simple Simon's view ...

We have a nice little channel from 5.20 to 5.25 3/4 that has been controlling the market for better than 2 months. Buy a break above 5.25 3/4 with a stop at either 5.19 3/4 or 5.25 1/4 depending on your account size and risk tolerance. Sell a break below 5.20 with a stop at either 5.26 1/4 or 5.20 3/4 again depending on your circumstance.

Where did we open today? 5.26, what was the low? 5.26. Yes this is an after the fact post ... doesn't alter the fact the channel has been there begging since Thursday last week as a double bottom. Of Course, you wouldn't want to enter that trade on a Friday and hold thru the weekend, most likely ... but there was this morning :)

Just another way of lookin' at things.