Hello Traders,
We peaked above 8000 with a small level of resistance above that at 8300.
Today's downmove wasn't a surprise, but does it mean the beginning of the next downward leg in our 2 year downtrend? Or is there enough strenght to stay within earshot of 8100 and can we make a surge higher?
We have lots of earnings and some economic data, mostly later in the week. Will it be whippy and sideways in a range between 7500 and 8100 - that seems pretty likely until we get significant news to send us to new highs or careening towards 6500.
Whatever the case, a 23% move in a downtrend was a great place to be neutral to bearish.
Bear calls, covered calls, and puts are in favor.
Happy Trading
Trader B
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment