Wheelin and Dealin
“Sell Rosh Hashanah, Buy Yom Kippur.”
I was tired when I finished around midnight; charts, spreadsheets, ideas.
Skull sessions leave me brain weary, but prepared.
Devoted followers of the ant philosophy welcomed the opportunity to short as the market surged higher pre market.
If you guessed long with 94 support, and were long or able to react quickly enough, targets were 99.5 (stop breaker), 02, 3.75 and up to 05, 06. True extended target we expected 07 as the logical place to exchange the hand-off.
“I may be wrong, but I think this 07 is the high of the day.”
I post a number of comments on Twitter, probably more than I should, but reserve the right to share the “why” with our room members. My goal is to make myself obsolete, so they can trade without me.
If you are wheelin and dealin, negotiating with the market, remember that we will never get it “exactly” right. We are trying to get the general premise correct, then allow sufficient time for the market to work it’s magic.
The high odds half gap target 00.25 was hit, and looked like the place to scale out and look for re entry.
The chop-fest wore out over-traders, and a ridiculous range went nowhere for 90 minutes before the unthinkable happened: The longs blinked.
Or did they?
Rollover we felt was for position filling, and didn’t perceive it as a true breakout. It’s a Gentleman’s agreement, a truce for a day.
Targets south were called out 99.5, 97.5, 96.5 outside shot. Need room for exit; can’t just expect last tic. The 94.75 support we had for the pull back never yielded. 00.25 to 01 was the primary long side target.
Conservative traders were advised to relax and risk small on re entry with the 02 as resistance on the late bounce, and with a keeper only for those who normally hold over. 98.75 was the smart exit EOD for day traders.
Volume was low, and we shall see what the overnight session brings.