It looks like today will end up being a choppy flattish day instead of the breakout I suspected would have happened. It's actually better for the bulls to have the gap filled. The put/call ratio is too low indicating greedy bulls were going for the jugular early this morning and so Mr. Market had to punish them. If we end up getting a flat or down day bears are going to start comparing this consolidation to the June top which I believe is going to set up for one hell of a bear trap because the rydex data is screaming bullish.
I still haven't done anything at all this week and neither has the market.
Due to discipline I rarely chase gaps unless they can hold for the first hour of trading and I see favorable put/call readings. Neither of those happened and so I'll probably just end up doing nothing the whole the day. Next week however is very likely going to bring fireworks in one direction or the other....you know where I stand.
No comments:
Post a Comment