Market looks weak today, particularly the financials. All kinds of doom to go around, but the most important thing to me is the bearish candle from today on the /ES. To me, this candle suggests a consolidation into tomorrow, perhaps even a revisit to the May lows before we can rally again. Let’s see what unfolds, but for now I’m positioning around that revisit to the May lows, I have 1 or 2 small positions on to speculate now but I’m going to hold off on executing a lot of orders until tomorrow morning.
/NQ 2500 and /ES 1295 are particularly interesting levels for me to jump in.
This image is particularly fitting for today.
Some figures from 1992-2007. Ridiculous!
The daily chart of the Nasdaq looks ugly! Jon, the daily chart of the Nasdaq looks ugly. Ugly as in bearish.
P.S. this is a hint for you to find premium and let the market come to you, not to trade directionally just yet.
Interesting quote I cam across this morning:
“Too often we excuse those who are willing to build their own lives from the shattered dreams of other human beings.” -Robert F. Kennedy
I am expecting a bit of a bear rally here. The market is pretty oversold, a bit of a rally would be healty for a permabear’s diet here. Let’s see what unfolds. Huge price action today! Lots and lots of option premium to be sold here.
Brazil looks nice!
We’re ready in Advance. And hopefully taking advantage of a gap fill!
These will all be swing trades to the upside for me. Small positions. I’ve still got my eye for new short plays. I still think there could be a rather significant move to the downside in the pipe, but for now, I am mildy bullish.
Just follow the light of the great Mufasa.
Harley Davidson is in the house at work today. It’s slightly less classy than normal.
More importantly, the market tried to rally to new highs yesterday, but ran out of steam by the end of the day. The tech sector especially ran out of bullets, AAPL went from +12 to -2….YUCK Looking for more choppy action today. Let’s see what that hammer brings us.