UPDATE 2:15pm EDT: Not surprised to see us push up now – there was a strong divergence in the NQ vs. the ES about 15 minutes ago. I didn’t cover my short – sick of turning into a daytrader – playing the futures is enough. Could however just be a B wave to the upside – as I said, we need more than just a one-day Minor 2 wave.
A bit of a pain in the ass tape today. Looking at that SPY chart we’re in a weird spot right now – a lot of air above and if we push back I’d be heading to the hills probably. I don’t feel like loading up on the long side here – SPX around 770 for me is minimum, which would also be roughly a 38.2% retracement.
BTW, Zero Lite painting good signals today – kept us in the trend so far.
UPDATE 3:15pm EDT: One always wonders where those sudden long green candles always come from. Lovely to see 30 minutes worth of downside price movement being taken out in 2 minutes. Your tax Dollars at work, rats – LOL 🙂
I think we’re back to re-testing the VWAP – this shit is getting old. Seriously, the only real price action we’re seeing these days happens overnight – and then you’ve got to take a coin toss as to the direction. I’m not complaining though as my puts are doing pretty well even during the spikes back.