Soon after the market opened on Thursday 27/10/2005, there was an opportunity to establish a long position in the indices. The ES Nov 1190 calls were trading around 16 points (US800), with the ES moving down in a 'crash' situation, settled around 12.50 points at the close. Friday 28/10/2005 comes around, with good newsflow the options settle around 21 points. Now the great thing about this trade is allowance for good risk management and control, thus enabling the astute trader to hold on to the bullish view without being unduly shaken out. Some might say 'the ES options market are traded with very little volume', but the fact remains market makers are there to provide liquidity, during US equities trading hours bid/ask will see 300 to 1000 contracts on a 2 tick spread, which makes this instrument an excellent choice for swing trading.

E-mini S&P 500 chart