There is little directional conviction to glean from today’s action. What we do know is markets are moving slow. A slow tape is conducive to working longs—usually in individual stocks and not the overall ‘market’.
The slow grind is also good for grinding 80-90% of your short dated call options into dust. Thus, as speculators bid adieu to the majority of this month’s paper, they can hold out hope that one or two wildcards might produce an egregious win (extra CBIS).
The house of Raul is thriving. Today’s tape allowed me to work the short side. The action was slow, but existent, and definitely favoring the bear. Pair this with hardened resilience to button pressing (avoiding fighting yesterday’s tape) and we are off to a good start.
Putting together a strong-beard week means getting through tomorrow afternoon’s FOMC minutes. My primary expectation is for prices to go lower after the news, but I have an open mind.
BIS is showing signs it will work, but ultimately this trade is wrong until biotech stocks begin imploding like they did 3 weeks ago.
My highest conviction investment, Tesla Motors, is a store of value, and the GARP index is holding up like a champ.
The key to improving my profits is to resist over trading. This temperance is more important than ever in a slow tape. Hit you levels, press your edge, then go sit by the pool and drink malt liquor.
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Raul, you absolutely nailed today’s action. Hypo 1 was absolutely on-point. Hope you banked some nice coin.
it was pretty bang on, bias and hypo make this job a heck of a lot easier