Long in expectations of rally post obama election. Mc Cain negative for equities. That's why I have that long ES call spread on.
I agree - market is drifting on low vols today so we might have to wait until mid day tomorrow to see a bigger trading range.
Well, a NObama win would hardly be news... Perhaps market tanks if Senate <41 RepubliClowns? ... the "anti-business, anti-capitalism" Legislature drop??
Gnome - think its a sentiment play. Consider how heavy Gulden's Snacks (first 2 letters) are bidding O's presidency & realize that there will be euphoria for short term. Only after later when its clear he is not going to play ball will there be negativity (post beginning of january, but i think I will square up in end december - ok to miss that january effect which may or may not be there this year.) I may not agree with who is about to be chosen, but as a trader, need to do what works not what I want.
OK, finally getting close to 1000....worked in more Rydex 200% Inverse S&P500 positions this morning.
I will also have to say selling some ES near the 1000 level area test this a.m. was a bit of a lay up imo.....I would like to see a retest of our high today prior to the close (but that may be asking for a lot today). I would like the ES to actually trade to 1000 and make a probe above this level if possible, but we will need over 15 points from where we are trading to get that done prior to the close....oh well.
Looking to scale out the remainder of my intraday ES from 977.00 on down today.....that would be a real good day if we trade down to those levels.