sp'60min
Summary
*awaiting an array of econ-data this morning.
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So...yesterday was kinda good for those in bear land, and it will be pretty important that that the bears break yesterdays low.
Prime opportunity for the low 1840s is arguably no later than 11am..at which point I fear a bounce, not least, since there is QE-pomo of $2-3bn this morning.
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Video update from Oscar, who is not spooked...yet.
What I would add is that bears need a monthly close <1750 to break the primary trend, and I find that hard to envision in the very near term.
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My trading plan?
I hold a core SDS (2x short sp'500) block, and will hold that barring a break >1875).
I will look to drop a secondary short block - SPY option puts, if we are in the low 1840s this morning, and intend to re-purchase, late today/early Friday.
As ever.updates across the day :)
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8.31am.. jobless 320k, marginally above expect' 315k.
Bears just need to break <1850..to offer some more confidence for next week.
9.00am.. futures sp -7pts, we're set to open @ 1853. Just another 4pts to break the low...and open the door to another 7-10pts.
I will look to bail on an index PUT block..before 11am..if possible.
9.36am.. minor weak chop..lets see where we are around 11am.
VIX daily chart is offering 17s today..if market starts to slip.
9.51am.. stop on SPY puts...tight at 1855.... I'm content if i get the boot, otherwise..holding until 11am.