Last week’s work is paying off today. When you put aside the headlines and focus on interpreting the auction you will find yourself much more able to execute. Traders often struggle with their trading during the summer months for a variety of reasons. In many ways, summer trade is like the off season and such a break is much deserved and needed. However, if you push too hard, forcing trades, you might be frustrated when the thin action plays out.
The Nasdaq has been leading thus far this morning, where price gapped up and chopped a tight range before breaking higher. Although I do not expect a ton a conviction from buyers today, I would still caution shorts with this initiative-type buying occurring. I highlighted the 3907 price level this morning as a key composite LVN to monitor during today’s trade. Watch how the market treats this level today as your intraday pivot. Should we continue sustaining trade above it, then the discovery process is likely to continue higher.
On the day my only action was scaling off a piece of my TNA long.If you enjoy the content at iBankCoin, please follow us on Twitter