You sir are correct. What used to matter...matters no more. The FOMC is running the show so up we go.....Bad economic data is good, it means the FOMC with its unlimited cash will keep pumping everything higher. When we do get good data, the FOMC mouthpieces are quick to point out. Tapering is nowhere in sight.
Well, no point in posting a trade ex post facto. It went well enough. I also have the 4210/4220/4230 put fly. DT legged in for a credit. Tomorrow's expiry. The only way it makes money is a drop inside or near the body. We'll see tomorrow.
Weak pullback. Bottoming out here or around 4220/25 is my guess. Two Outside Days last week. The 3rd one in a short period of time if we trade below 4221,50 today.
All the major moves up last week was preceeded by a decent down move. Still a bull market, but not a smooth one. Volatile.
This journal is as dead as the market (ES) right now. Only 3 days this year with a range < 15,00 points. Friday being the last one. NQ flirting with ATHs and ES lagging behind. Still a fairly weak pullback and what appears like consolidation to me. Probably a dump to 20 into the Close or a push back up above 32 from here. Taking out the morning high today would be nice, but unexpected. EDIT: That's a typo. Only 2 days earlier this year. Friday 28th of May being the last one.