The S&P is trying really hard to form a tradable range here. Talking ETF SPY, the brackets would be 158.50 – 165.50 give or take. The mouth pieces are trying their best to help, coming out of their smoky offices and jawboning in the middle of a quad witching. PPT wants a range low too. Everything is pointing to a range low—except SHIBOR rates and suspender-wearing bond traders.
In the spirit of our gaptastic, have fun sleeping, stock market, we need some ridiculous headline out of Asia over the weekend that wastes no time, gaps us above the midpoint of our range, catches everyone out of position, and forces your hand to buy at a higher risk.
It would be fitting given the recent nature of this choppy courrrection.
I could see us coming into the office Monday to a huge gap lower too, that’s the environment we’re in. That’s the environment Chess objectively describes to members on Sunday night when gentlemen take to their studies and make preparations for the week.
So I’m keeping position sizes smaller, cash higher than I would like to, and limiting the number of positions I hold.
I took a SODA long this morning. It’s looking really good. It’s only half size. If it goes lower, I’ll double down. If it gets to $74 I’ll scale ¼ off and let the market pay me.
I’m a proud bag holder of $423 dollar AAPL shares. I bought them in the middle of the FED announcement yesterday. I was completely swept up in the hype. $420 is an important price level for AAPL because the degenerates who trade it think Phish plays good music. Maybe they should stick to Chief Keef.
I’ve decided to stick with TPX through this indecision. I hold a ½ position here also. I want to make it 2x I love these beds, especially as the adjustable bed market continues to boom.
Holy Mt. ZION is trading well as are many other regional banks. Holding.
It’s finally summer hallelujah. We shouldn’t even be holed up on our computers but there are moves to be made. Get your pasty ass outside and don’t forget the sunscreen.