Today ended up being one of my busiest day in terms of trades in probably a month or two. You never know when it will happen nor do you really try to anticipate it, but instead you simply look at the charts and ask yourself, "What is the likelihood that we trade higher or lower from here?"
Many times, the answer is a coin flip and you don't have an edge and therefore you do little. Other times, like today, you look at the run higher and say to yourself, well, the odds are not that great and a fade trade from here makes sense. That's the way it was today. As a result, I took profits on some individual longs, I trimmed some others yet I also bought some I liked. On the short side I added some individual names and put a hedge on towards the end of the day as well as traded in and out of the futures. Busy ... busy ... busy day.
It's Halloween and I'm going to shut down a bit early which will mean I have some late night work to do to ready for tomorrow. In general, the market did a lot today to confirm some follow through. Doesn't mean we trade straight up though and unless you don't care about the day-to-day movement, it is important that you pay attention to it if you intend to work the wiggles on the way up and down. Have a good night and get your treats ... not tricks.
Many times, the answer is a coin flip and you don't have an edge and therefore you do little. Other times, like today, you look at the run higher and say to yourself, well, the odds are not that great and a fade trade from here makes sense. That's the way it was today. As a result, I took profits on some individual longs, I trimmed some others yet I also bought some I liked. On the short side I added some individual names and put a hedge on towards the end of the day as well as traded in and out of the futures. Busy ... busy ... busy day.
It's Halloween and I'm going to shut down a bit early which will mean I have some late night work to do to ready for tomorrow. In general, the market did a lot today to confirm some follow through. Doesn't mean we trade straight up though and unless you don't care about the day-to-day movement, it is important that you pay attention to it if you intend to work the wiggles on the way up and down. Have a good night and get your treats ... not tricks.
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