There Is No Butter In Summer Opex Hell
It’s OPEX week and clearly that is not helping what is already a sideways low participation high volatility summer tape from hell. So let’s treat carefully and pick our victims extra carefully.
That’s right, there is no butter in hell. So don’t try to be smart and play the swings here – you will be stomped on.
Case in point: You may recall the NLBL on the daily E-Mini chart I posted yesterday. After breaching the diagonal this is where the boys were to be separated from the men. A breach higher would have put us on the path to taking another whack at the 2120 mark. But as many times over the past few weeks participation died off instantly and profit taking continued overnight. There may be another long opportunity (i.e. LKGB) near the 100-day SMA but we’d have to judge participation there. Which means – watch the Zero today like a hawk.
My bond campaign has been taken to the woodshed and I’m out at break/even. Waiting for new instructions here – we may correct quite a bit lower and that will be a great spot to get positioned.
Sugar stopped me out at ISL overnight but it’s still moving in the right direction. So I’m back in LONG but this time with a stop below that recent FU spike low near 10.5.
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