The S&Ps seem to be at such a tempting pivot point. I am waivering between going long and going short...and each makes perfect sense to me for so many reasons! For all you options traders out there....a nice Straddle would do well here if I am right that the market is about to make a move in one direction or the other.
The 1323.50 level is a nice point where I am sure floor traders are either long from, or will be buying. If on a 15 minute chart we close below that level, then I think we will be going lower. Look out for the fake out though. My daily chart from yesterday's post shows we closed right at the top channel resistance line. We really should be waiting to find a place to trade today. THE ONLY REASON I AM NOT PUTTING A TRADE ON THIS SECOND, IS BECAUSE I CAN'T FIGURE OUT WHAT DIRECTION I WANT TO TRADE IN.
Better off to sit and watch and learn for next time, then to guess. Guessing and being right is just as bad as guessing and being wrong. If I guess and I am right, I make money now, my confidence for next time is higher, and I am going to lose more when my guess fails.
Good Luck.
Andy
*****P.S. Obviously this means I got out of the short from yesterday. Sorry I forgot to mention it. Scratched the trade (no win/no loss=win!)
The Stoch climed above 50%, which was the level I was looking to stop myself out of. In addition, on the whole, the trade looks more of a watch, then a trade.
Andy
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I also agree about hte inflection but I think you have to wait until Friday or Monday for a definative answer.
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