Nothing Magical About Today’s Support

First off, I booked the rest of my TNA position today.  The position had a timer, and although I cashed out right about where we are closing today, I stuck to my plan.  There is a joy about sticking to the plan and doing your job.  It really is the only thing a trader should excite themselves about.

I also closed out my August YELP calls, pull in some of that premium.  It was the worst performer in my August book and earned a seat on the bench.

I called for the left handed relief of September C calls.  Later I bought some ZU as well.  ZU was a very dull chart today even while everything else behaved a bit more erratic.

I was concerned with the lack of follow through this morning.  We had a very strong push early, and it looked like prices wanted to explore higher.  When they reversed instead, I suspected we might flush back to the mean.  Later in the afternoon, when such a flush did not occur, when instead we formed excess lows, I put some risk back in place.  Simple, but not easy.

You can see demand exists at 3886.  Why? Perhaps last week’s short is clamoring to cover before the seams are ripped off this market and we bust loose.  See below:

Thus one could presume last week’s seller is currently putting a bid in this market.  Until otherwise noted, let’s push on him.

May you trade well, even if you are playing the other side of the tape.