Interesting. FWIW, I just stopped out of a long on a trailing stop. I was sure we'd see 30 today. And we still might. We are however in a potential sell zone here for the big boys. Unless we can trade quickly back above 4K, I'd say this is looking like an actual reversal and not a retrace.
I think the HOD (overnight high) is already in. We'll just chop around until the close. As previously stated, this will be the new norm for this year IMO.
I have to atone for my bad call in September which @Laissez Faire has pointed out numerous times. I still like you @Laissez Faire! Hopefully between this and my October call, I an now entitled to limited posting privileges here.
Thanks schizo, I suspected as much. But it sure is tempting. I am not as nimble as you and chilibean.
it was a poor trade, unforced error. Made a rash decision that it was gonna spring board up 10 handles, with nothing more than chart patterns. but since market was moving so fast and I was trading premarket, I didn’t really look at the higher time frames and go over in my head where all the heavy players were unloading. Had I did, I would have noticed the obvious rotation down and avoided the long.
Letting the dust settle down first before jumping in is not a bad idea. You won't miss anything either, as you can see from the wide gyrations that came after the CPI.