PB and J
Whats for lunch?
Today’s action was a bit zany, but typical of lighter summer fare.
The pre market anticipation for ADP left traders dazed and confused, as usual.
Isn’t that the point?
The LL 123 13 Angel and marginal db said I am in control, no worries to the longs.
I want to test 21 to 22, and then see about closing the gap at 18.25.
“Better capture 18.25, as PP 18 today and no guarantee of any more; 17.5 theoretical support for now.”
At the marginal high 25, I suggested be careful, this was major target for profit taking.
Targets short side were 22.5, 21.5, then 19 primary and 17 perfect. 16 was the magnet at the time, and 15.5 assumed support.
I thought the 21 to 22 test was key for any re entry, but quickly abandoned the idea of any further penetration south went the 17.5 wouldn’t let go.
Thanks to 777 for spotting the same 20 that kept the wedge intact.
“Great pattern; let’s keep an eye on it.”
Cream or chunky, and what goes on first, the pb or the jam? A true work of art…up to you to do it your way.
Lunch we though pull back and jam; instead it was jam and pullback.
The bread was going to get sliced; the problematic elongated demon left conservative traders with a choice of being patient and using the HOD or being aggressive and using the 22 area.
The 10 looks like it’s in play, and the 19 is key. If it holds, then the squeeze is possible to get to test the high again. It looks like a W pattern forming.
2Pm Did you feel that lurch? Seems like the JV team is on the field and learning how to drive a stick shift. I think 21 wants to complete the 26.13 target. Watching the 3 minute chart.
Don’t over stay late day’ if you scalp at 3:50 or so, just try for a point or two. Could easily be stop-eaters again.
A few key ideas tossed out to twitter today:
“market not bearish (yet) … just cautious and at 25 was profit taking target”
“On week that has had 15 point range RTH… hard to do more than be alert at the high odds areas for $ taking”
“thrust is up target 25 to 26.25 and dont over stay narrow week… must break 22.75 and 24 for it 17.5 support at the open 18.25 gap if lucky”
Eating PB and J sandwiches until we get more volatility…
Not to worry… September right around the corner…