my stop @113.10 was just to fool the robots that scan ET for trader's stops. i even wrote it in a format that a robot should have no trouble understanding. of course the robot may not have understood that the trade was scratched in the follow-up post. regardless, THEY did hit that stop with SPY high 113.11 so THEY always win.
LOL! You should have placed a short sell order at 113.11 as well. I am starting to think that your robot theory might actually be true. You never know what smart money can be up to.
hehehe, SPY bounced against 112.34. here is one reason we will fill Monday gap tomorrow. the gap-up was a set-up to trap shorts going into the employment report this Fri. now the shorts are itching for 4 days trying to hedge/get out but they can't really get out without the damage because the gap was fairly large and then nothing really got filled in. now that the shorts are fooled, the market is ready to fool the longs who have been enjoying the free money. where is this long hog going?
Today it hit 112.08, and yesterday's high was only 3cents from 113.08. For today, I would place the probs that SPY reaches 113.13 today at less than 5%. It is currently at around 112.75. I removed the short puts, as I feel it is getting dangerous to hold them.
That is what most people seem to be expecting, which can make things dangerous for shorts. The QQQQs did not confirm the SPY weakness so far, which raises question marks. We need a "selloff" to have some ceiling of losers among the bulls to limit the effect of any upmove tomorrow. My current view for rest of day is: 1. Close would be higher than open price (which encourages bulls). 2. Red close which encourages bears. Net= confused traders.
Nice little push into the close to close near intraday highs. Otherwise a very boring day indeed. By the way volume was quite pathetic again today.