GDP less than expected. Indicative of no need for further rate increases..... I'm long 2 ZB's at 112 29 with stop at 112 26. I'm long 2 ZN's at 108 225 with stop at 108 210. Good luck! Bias shifts to upside for now. Target of 103 10.
Take 1/2 off now at 113 04. Target of 113 10 if we break through 113 04 decisively. In any event 113 10 doable today.
Be ready to add to long position anywhere near 113 00. Stop at 112 27 on new trades at that point. This call is good for first attempt only. Usually a slight back up will be followed by retest of highs..... good for first attempt only. On second attempt to 113 00 be cautious if we didn't get higher thant 113 04.
Aren't you glad you took off half at 113 04? I still think we are good for another go at 113 04. Be ready to close all positions if the second attempt of 113 04 also fails. Be ready for a quick spike to 113 10 if we blast past 113 04. I don't know about you, but I'd call it a day at that point. As far as short sales, I'd be cautious up here at levels above 112 27. Use your own system. Obviously a collapse below 112 21 indicates that something is seriously wrong and a large downmove is imminent.
0822 CST It looks like we may make an attempt at 113 04 again. Economists are mixed on the numbers saying that numbers really aren't correct, i.e. GDP is weird. Earlier I mentioned that this is the second attempt. Technically if you count the first spike up in the seconds after report release any attempt at 113 04 now at 0822 is the third attempt. I personally don't count spikes when considering my 3 strikes and your out rule.
I went ahead and closed my 2 ZB's and my 2 ZN's. We may trade higher, but it is looking weak. I'm not initiating any trades at this time. Up over 400 USD so no need to.
Permit me to draw your attention to these numbers published pre-market today: 113 01 112 22 112 15 I went short at 112 28 on the re-test of 112 28 at 0900 CST according to IB. Covered at 0910 at 112 20. Lost a little on chop trading and getting out at 113 00 and 112 29. So up another 100 vs being up another 200 had I not engaged in above choppy trades. Look to be selling at key price levels. Hard to say with the market though considering we went up, then down ... could be a range trade day......
Can you dig it? I say, can you dig it? Careful about 112 15....look for possibly getting out of 1/2 here. Hold remainder for 112 07. Can you dig it?