Out of the gate and don’t be late
Last week’s low was broken in the overnight trade, and was a clue to get short and hope for the best at the gap fill open. While risky, it was at least a continuation trade that once established, never looked back.
The weak bounce at lunch to the 74 area was more “profit taking” than excited longs, although I did hear many in the chat room “guessing” the bottom all day long.
The action ground lower all day long until the day trade shorts covered at an intra-day support area when it was time to protect profits. Grail traders were rewarded for their confidence in a system that works well most days.
This is option expiration week, and anything goes.
As a reminder to those longs who wanted 957 last week, we are now a stones throw away from 857. Rigidly holding to an opinion can be dangerous to your wealth.
Secret Code traders had a great opportunity to bail and reverse late day for the cigar trade if they had profits.
See what shapes up overnight.