This time of year in the north east, public works needs to back up the truck and fill in some potholes.
Last week we discussed the “general range” that needed to be resolved next, and today’s pothole was projected from last week’s high.
Now it gets interesting.
Hyper active Scalpers had a field day this afternoon, and probably needed to scramble to get back to par if they played the “obvious” but wrong 87 that the 97’ers didn’t think would get hit.
The long’s who got caught miscalculated that the pullback was initiated from the yearly low,and the bounce high needed more balancing. The conservative shorts who thought the half gap or the 805 area was the RTH entry, sat on their hands wondering when the pullback would allow them “safe” passage.
Lots of luck with that. In at globex or chase was your option.
The Angel set up the long side bounce this afternoon after T1 was hit at 76.5. It was take profits time, and the shorts who overstayed forgot to calculate that the range was almost 40 points off the overnight high and 55 points off the 30ish high.
Do the math, forget the gurus.
Most of them can’t do any better than you can.
Trade with the trend, then take your chips and go home when we get near the target. Be happy catching 75 to 85% of the move, its good enough.