Last night as I was working through a number of charts putting together my thoughts for the next edition of Naked Trades, I ended up buying some NDX futures as they were down a point and a half in the overnight session. It has nothing to do with being enamored by the current market, but just the timing as I talked about yesterday. There's fear on both sides, but the timing is such that it's harder to go down right now than up which means you can work trades that direction by fading the moves.
Again, I'm not enamored about this market and I do want to short it at some point. That point will come when the bullish timing plays itself out (if we simply go sideways) or when we get a push to resistance that has a greater likelihood of holding or we simply fail without either of the above happening and break through critical support. Right now we are about halfway between the two extremes of support and resistance and working a range. Nothing more.
Again, I'm not enamored about this market and I do want to short it at some point. That point will come when the bullish timing plays itself out (if we simply go sideways) or when we get a push to resistance that has a greater likelihood of holding or we simply fail without either of the above happening and break through critical support. Right now we are about halfway between the two extremes of support and resistance and working a range. Nothing more.
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