Ok, yesterday was a bad day. I was absolutely, 100% positive that the fed would CLEARLY let it be known a rate increase was coming in December. If I have learned anything over the years its “don’t fight the Fed.” Market breadth has been negative (as it was yesterday) but Mega Caps are keeping major indices afloat. I watched a fade Tuesday and held overnight, expecting to see a very weak opening and a stampede to the exits yesterday afternoon.
Exactly the opposite happened. Market opened strong and I never had a opportunity to exit. I backed off, looked at my strategy and added a few more puts on the close.
One day does not a bull (or bear) market make.
This morning S&P futures leaked very strong, but have weakened as we approach the open.
My opinion is still the same, but my trading philosophy today is not to get caught up in a drunken buying spree, but just stay neutral and try to close out some positions as we go into a very dead Thanksgiving week.
Good luck
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I thought we’d rally mon – wed and sell off wed afternoon/ thru morning….
Wasn’t certain of it so I stayed cash this week.
It’s hard for me to see a catalyst that’ll crack the FANGS and megacaps alike to really send us into a tailspin at this point… thoughts?