Still in lunch here but here is what I am seeing. Volume is slowly creeping in. I like to look at the market around 1:00 EST to ge an idea and see if a possible setup shows itself. If I can see a clear setup I will take it but if it gets to 1:30 I usually will sit on my hands and just wait it out until 2:00. Here what we have so far tho. Price is making it’s way back up in the index’s. However looking at the mini Dow contract we need to see price clear the 12844 level and not get rejected. This level is super important . It’s not just the cash open price but also its close to the 61.8 retrace from the morning move down and right above it at 1248 we have R1 if you look at hourly pivots.
So bias is long but not until we get two things First we need to clear these levels with volume in favor of the buyers, and the second we want to get past 2:00. Then we will be looking for a trade.
Oh by the way the trade from the last post I hedged by selling the may $42 strike call option. We did gt stopped on our shares but where able to recoup some of the losses from our options. The options in the liquid ETF’s are able to trade during the day. I can go over this more when I have a chance in the chat room.
