The market pace came grinding to a halt this morning after a strong push higher. We are still operating in an environment which produces larger-than-normal ranges and slightly elevated volume. However the bulk of today’s move occurred during the initial balance aka the first hour of trade.
It almost seems foreign, the benign intraday action, after enjoying 10-12 sessions of white knuckle racing across the price complex. There are several charts setting up nicely intraday for longs, however each time I zoom out to an hourly chart or even a 15 minute chart I see slop. This is what has prompted me to shorten my target distance and trade duration. Little bounces up into resistance are the singles that I can currently manufacture to bring home some wins.
Into the weekend I gave serious thought to liquidating some of my longer term holdings including TSLA and TWTR. Before taking any action and remembering how long I have been with said names, I took my person far north, deep into the Michigan bush where internet cannot be obtained. From my perch atop the autumn trees the thought of giving ‘them’ my shares seemed a bit callous, like manually killing your prey when you can buy it from a farmer.
Now that call premiums have been cleared off the table slow game is back on the forefront. Value is drifting higher as the market strings together three up days. Stay nimble as we head into resistance.