These were the only two trades I made this morning. One lot each only. Could be considered scalps, but I don't like doing 1-2 point scalps. But, when the volatility is there, I have no problem getting in and out in a flash. When I have or expect volatility being very high, I work off 5 minute charts, most of the time I work of hourly charts and with the hourly charts trying to develop the discipline to sit on my hands. Done for today. +17.50
This market reminds me of when the DOT com bubble was topping and began its reverse. A sharp move down one day: "the world is coming to an end." An equally sharp move up the next day: "to the moon! good times have never been so good!" I am not saying this is what is going to happen now. I am just saying it reminds me of that time.
Did anyone except me have "Oh my bleeping god-almighty Fed blooper moment of epiphany"? That was just crazy (read: sickening) wild. Hope nobody got hurt. BTW Vol receives enough hate mail as things stand. As an added bonus, I'm sure he'll burn in hell more sooner than later...so why dontcha leave the poor dude alone.
Is today the start of the low volume (not today) rally, which lulls many into wondering if it is time to again adopt a long bias?
Finished trading around .35 for + .34, now I have to decide whether to close it out on an early rally tomorrow or let it ride into exp and deal with that stress.
I can honestly say with recent daily average true ranges being what they have been of late, I have no clue. But, we should have a good idea over the next 5 to 10 market days.