I'm done for the day; flat and heading for the exit. I tried one more long there at the end attempting a momentum play on the break higher out of the intraday flag but there was no juice and they sold it back down. With that I'm through until next week.
Talking about next week, we have the makings of confusion. Had we gotten a further push down today, next week would have seemed a lot simpler. With the oscillators over sold and wanting to push up a bit short term and with the big sell off this week, next week looked to be a nice bounce trade situation with the idea of shorting again back up around the 1225 SPX area. Now it's anyones guess as we are sitting at 1217 as I write which is about the middle of the 1230 to 1201 range. Nothing cooking there.
How this market reacts early week will be a function of what damage Rita deals to the coastline and that's guesswork at best. If you don't have a perceived edge, then protect your capital and wait. That's what I'm doing.
To all those in harms way, my heart goes out to you. Having been born and raised in that part of the country I feel a special pain for those being affected. You have empathy regardless of where a person originates but when it hits home it always feels a bit more intense. Good night.
Talking about next week, we have the makings of confusion. Had we gotten a further push down today, next week would have seemed a lot simpler. With the oscillators over sold and wanting to push up a bit short term and with the big sell off this week, next week looked to be a nice bounce trade situation with the idea of shorting again back up around the 1225 SPX area. Now it's anyones guess as we are sitting at 1217 as I write which is about the middle of the 1230 to 1201 range. Nothing cooking there.
How this market reacts early week will be a function of what damage Rita deals to the coastline and that's guesswork at best. If you don't have a perceived edge, then protect your capital and wait. That's what I'm doing.
To all those in harms way, my heart goes out to you. Having been born and raised in that part of the country I feel a special pain for those being affected. You have empathy regardless of where a person originates but when it hits home it always feels a bit more intense. Good night.
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