RISK ON?

I got lucky enough to grab 55 points from an early NQ buy yesterday, but the long I took a little over an hour before the close is already +120. The banks have made a great recovery here on the day, which I bet on with some $GS calls.

Yesterday the mood felt like there was a little more fear of missing out on selling the rally. With a gap up like this, all it does is initiate bulls at higher prices. I wouldn’t chase this here, but would rather wait and initiate longs when today’s buyers get stopped out.

Here’s the trend on the lower time frame that’s giving way.

If we see 1880 next week, I’ll put together a new basket of longs, which we’ll map out in After Hours with Option Addict tonight.

OA

XLF is flat here today, despite a broad based attempt to rally.

$GS, $BAC, $JPM, $C, $MS all flat to red on the day.

Banks failing to launch a little here is a big concern, and has me cautious on how this weeks festivities pan out.

I closed my NQ for +55 points, and am about to book gains in $BIDU.

OA

Here’s the lower time frame of the $SPX. Might start to find sellers around here.

Best case scenario for a confirmed reversal is 1900. If we hit that, prices ought to backfill to 1880. Buy that with both hands.

More later,

OA

The morning structure here is the best I’ve seen in weeks.

I’ve rounded up an NQ long at 4102 as well as $BIDU and $GS calls for next week.

Stalking $TSLA and $FB here as well.

More later,

OA

No way this move recovers here, right? Multi-year leg sweep…1880 is the level needed to hold.

As of this morning, prices are in full on breakdown mode. Indices have breached all low end reference points from last year. The persistence of this move is simply unreal, with nothing standing in the way or slowing this down.

No expectations leaning into today. But this is the move that sets up the next few months.

I’m still only looking to day trade this thing. Nothing else makes sense at this point.

OA