This market is wild today. money to be made on both sides. at the moment i want to go long but the ym is playing es tricks today with so many fakes. no position. what are the thoughts on the desk today?
This is expiration week. Lots of different contracts expiring. The market will go to where it needs to be positioned for the various expirations. At this point it looks as though it wants to settle between S&P 1040 and 1050. But we have 3 more days to go. We can expect a little volatility as the market seeks its settling point. The important point for traders is not to expire with the market, but be alive, well, profitable, and still standing on Friday pm. One of the things expiring this week, i think, are the VIX options: "The Wednesday that is thirty days prior to the third Friday of the calendar month immediately following the expiring month." That's right from the CME website. You can't make that kind of thing up. Isn't that this wednesday? (i don't trade them) If so, than today is the last day to trade the expiring VIX options, so that might add a little volatility to the trading today, particularly in the am.