Other than the early cover of some short positions, I've done a lot of nothing again today. They did fade the opening hard but the NASDAQ, which was leading the charge, ran into trouble when it kissed the underside of the 50 day MA and that stopped everything. If it breaks topside of the highs for today, look for it to run a bit as short covering will kick in.
The oil stock shorts I have on are coming back in. It's taken all morning, but it appears holding steady was the right move. One never knows for sure in a situation like today but if this move continues to the downside today that will reinforce the probability on the trades as you have gap up reversals on all of them.
Metals are holding in despite the dollar strength so there I wait as well. I'm spending the day looking at short setups to come as any bounce from here likely sets up some more of these. As for today, the bias is higher as is obvious by now, and I'll try to buy the breakout on the NDX if it can take out todays early highs.
The oil stock shorts I have on are coming back in. It's taken all morning, but it appears holding steady was the right move. One never knows for sure in a situation like today but if this move continues to the downside today that will reinforce the probability on the trades as you have gap up reversals on all of them.
Metals are holding in despite the dollar strength so there I wait as well. I'm spending the day looking at short setups to come as any bounce from here likely sets up some more of these. As for today, the bias is higher as is obvious by now, and I'll try to buy the breakout on the NDX if it can take out todays early highs.
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