This phenomenon has been very much pronounced over the past few weeks for sure. Even as we "speak" NQ looks as though it has launched its next +30 point gap run for tomorrow. I should get a day job at Home Depot and just trade the China Markets and PM ES/NQ.
By 4am cst, YM up 100....ES up 10...NQ up 30. All are up now. And will keep rising overnight, easy money to be made. US session is dead for now. The overnight session is like free money...most of the time, not every night, but good enough to make steady profits.
194.75 ES points straight up low to high from the day he declared a BEAR MARKET. If someone is going to miss that kind of opportunity I hope it is because he really feels the Bear and not because he'd be afraid to change his mind on an internet forum. Bear market call on March 8th ... it is April 16th and soon to be a +200 point rally. Go flat and look at a daily chart with no indicators. Then decide long, short, or stand down and wait. That's what I'd do if I found myself married to the wrong side of a 200 point move.
I do golf quite a bit once the season turns. During the summer I'll trade 8 AM to 11:00 AM and if I'm flat at that time I'm heading out hunting for birdies. The exception of course is a trend day. At this rate, if I want to trade a trend day I have to trade 8 PM to 4 AM.
i"VE been thinking this - thanks for saying ! Some evenings one must get long..that simple, like at 1900 edt hrs tonight!
OK dating myself, I used to love daytrading big S&P - $500 then split to $250 -(late 90's) when the floor used those electronic hand decks for order submission..traded in 10 cent increments..anybody trade that mkt?
You bet, I traded them for a long time, from inside the OEX pit on the CBOE. We had at least 15 firms that had "flashboys" taking orders for the SPOO via hand signal from OEX pit traders for years. If a big juicy order came into OEX, and I was lucky enough to be first, I'd trade size. Then I'd give it 3 minutes to either hedge it with another option, or buy or sell SPOO's as my hedge. There was a time in the OEX pit where one could move 10,000 puts or calls with as little as two contra names on your trading card. It was so liquid in that pit, it was the golden era for floor traders. On rare occasions, one could scalp out of a big option trade within minutes for a nice profit. Back then, a Golden Retriever could make a good living in that pit. LOL That pit was my favorite of all time, and I traded in a lot of different pits. Talk about aging myself. LOL PS, I never traded the SPOO's for a scalp back then, they were 100% for hedging only, for me. Now all I do is micro scalp this stuff, just to stay busy. One last thing, every order I ever entered via hand signal was market not held. Got some amazingly great and horrific fills over the years. The big SPOO pit was deep, but the OEX pit was 10 times deeper. The way this stuff moves now is mind blowing to this old bastage.
I may be taking the ES off the table today and focus on The Widow Make solely. Maybe that is what it will take to put some swing back in the ES's step ... from the look of the volume on her lately, I think quite a few day traders, including some of The Money, may have turned away from her for the time being. Probably need a breakout above 2950 or B1's Bear to finally make its long awaited appearance to get its mojo back. I just cannot do another four hour 3.75 point range ... again.