If you missed the short entry on the open the buy/cover at 9:10am may afford a bump into the opening range and a reload on shorts ( for today's trade). Today's trading can be characterized as post-options expiration hangover. Hand me a tylenol, an advil, and a bloody mary please.... There is a high probability the high for the week has been put in over the holidays at 2 am CST globex open President's Day (1462.25) Whether we retest that high today or tommorrow remains to be seen but I would imagine (as best as anybody can see forward) this would be another short entry point for the week.
Im bearish, however, these markets can move quickly and seeing a new high this week on the s&p is not out of question. HPQ earnings can give the dow a boost later on tonight. CPI tomorrow morning, if its in line the market could run. Fed Minutes tomorrow afternoon.
Some additional selling at the previous support resistance level here at 14550. But we'll stall for a little and most likely break up into the opening range. For the gap to get filled 1458-1459 would need to be printed.
I'm bored. My system crashed last night----Front end only. So while I await a fix I thought I'd do a little real-time journal.
Yes. I'm primarily intraday trading the spoos, but do look at weekly pivots as an idea and do carry trades overnight when appropriate. Having said that I agree with all you say. I enjoy reading your posts. You clearly know your game. Thanks for your comments. Others are welcome to comment as well.
So far so good. Cover longs at 1456.50. and flat.... Short @ 1457, covered @ 1453 = 4 pts Long @ 1453, sold and flat @ 1456.50 = 3.5 pts. net + 7.5 pts. I'm gonna watch for a little while and take a break....
A couple of things. Re: early profit taking at 1256.50 versus potential upside target of 1258-1259. When in doubt book the profit. The fact is the first good opportunity to short intraday was 1257. 1256.50 is a reasonable profit target as if selling hits again you may lose all your profits. My direction for the day was short. The long was countertrend hence shorter profit target. In fact I may have taken profits sooner had the orderflow changed. EqtTrdr Are they still running those printing presses?