Internet troubles this morning prevented me from updating the blog intra-day, but all seems to be working now.
I am not going to post any of the trades taken today (1) simply because they will not be posted in real time and really have no value at this point. When I post a move, I like to have it posted in real time as after the fact such as now, anything could be said.
Anyway, not really a whole lot going on today as the market just seems to drift from one side to the other without anything concrete to get a hold of to justify action.
Remember, we do not trade just to trade. Doing just that will eventually be your demise.
So we wait until there is a strong set-up and then we go with it.
Currently I am leaning towards the short side as the probability model did call for a 70% chance that the low of yesterday would be either touched or broken and then snap back.
So there are a couple of potential set-ups in the works here.
1) A move lower, first to 1496 at which time we will see if it still wants to move lower.
If it does, then we can hold the Short and or Puts all the way to or under the low of yesterday.
2) A stabilization at yesterdays low could produce a rally back towards the high of the day, so keep an eye on this as well.
HERE IS THE HIGHEST ODDS TRADE FOR THE DAY FROM HERE -
A move to 1510.5 to 1511.5 should be shorted with both hands and a tight stop of a buck to a buck and a half should be adhered to.