This has been a very volatile day in terms of ups and downs intraday although if you pull up a chart of the Russell 2000 you will see a market that made the early dip and then spiked and has pretty much held that spike all day. Now juxtapose that buying against what you see in the the gasoline futures where we are seeing wholesale prices approach $3.00 per gallon ... yes $3.00 WHOLESALE! Will it matter? I'm afraid so. But as always in the markets, the question is not what but when. Time is the final arbitrator with respect to profits or losses.
I continue to hold a short in the NQ (NASDAQ 100 futures) and continue trading long positions in the listed issues as we ebb back and forth. It's not exciting and it's not certain and although the short term seems to be saying higher, you have to realize that the intermediate term is clearly still down. Don't expect the chop to go away anytime soon though. You can curse it our use it. Up to you.
I continue to hold a short in the NQ (NASDAQ 100 futures) and continue trading long positions in the listed issues as we ebb back and forth. It's not exciting and it's not certain and although the short term seems to be saying higher, you have to realize that the intermediate term is clearly still down. Don't expect the chop to go away anytime soon though. You can curse it our use it. Up to you.
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