I took the opportunity to get far away from the screens this weekend. Thoroughly enjoyed it.
I was hoping for a better market set-up here today, but it looks like we’re heading into some quiet grind. I just picked up some NQ at 4143.5…we can start there.
I’m trying to create a new list of stocks to trade this week. If you have anything compelling, post it in the chat and let’s get to work.
OA
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My trail stop in the NQ was hit early after hours yesterday for a triple digit win. Now we’re back testing the same levels, even breaching them in some instances.
Foreign markets are now starting to trade back into and test late August prices, and this is last of the “global inflection points” we’ve been watching for the last couple months.
I am going to have to watch the mayhem from the road today as I have some important things I have to attend to. Going into next week, I plan on focusing only on playing intra-day moves like we did yesterday. Get a trade on, eliminate risk by getting a stop to at least breakeven, and focusing on only a few products to trade until the range sorts out.
OA
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The S&P range we’ve been following on the weekly and monthly charts was tested today, and ushered in a firm reaction.
Downside pockets and gaps were filled, no lower lows in price.
Be ye warned that this was not the same response as we’ve seen the last few times we’ve been down here. The velocity of this move is much more tepid than it was back in September when I was calling for new highs.
I nutted the fattest futures trade I’ve had in many years here. At this point, no reason to sell yet other than to keep trailing the stop.
The Russell has started to break away from the pack here, which is never a good signal.
More later,
OA
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Not since April 2004, anyway.
All you can do is buy this here, and get a stop to breakeven quickly.
I am long NASDAQ futures from 4134, and am inching my stop higher to try and lock in a gain.
More later,
OA
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I am not much of a “levels” guy…but under 1880 lies something you want no part of.
This is a stretch of epic proportions. There is one last gap at 1884 in the SPX that hasn’t been filled, and a cliff just underneath.
Stay frosty, friends.
OA
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