Nasdaq Comp', daily
R2K, daily
Summary
*I have tightened my long-R2K positions, raising stops from 106.90 to 108.40. In the scheme of things, it does make me more vulnerable to getting kicked, but...with yesterdays declines, I'm just trying to reduce my potential losses.
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So..we're higher..but I won't start to relax until R2K breaks the recent high of 1116, along with sp'1886.
VIX getting the smack down for May opex...11.80.... the 10s really aren't far away..and will be hit, if sp'1910/20s.
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Long day ahead....
10.01am.. price action sure is twitchy...at least that is how I perceive it.
Bulls need to push hard now...or this will just unravel again.
Next hour or so....pretty critical.
10.05am.. in many ways..bulls need a daily close in the 1890s to make a large enough impact...to turn this all around.
So...I'm still long..with stops just under yesterdays low...equiv' to sp'1868 or so.
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10.15am.. Raised long-stops again,...to equiv' of sp'1872. If this nonsense does reverse today..I want out...quick!
10.42am.. This is the big moment for the bulls...sp'1884....another 1 pt...and the 1890s will occur.
For those short, I realise right now, it is starting to really burn..yet the hourly cycle was warning of a floor yesterday.