We watched as the Emini flopped around a bit this morning until finally committing to run higher. With no reports today, the trading was light, only .86 million contracts traded. The internals are pointing to an overbought condition and it might be time to consider some puts, but I'd sure like to see a little exhaustion volume first to really stop the rally or it would feel like stepping in front of the train. The VIX is also in "sell" territory so we should be on our toes for a sharp pullback before continuing higher. Sure seems like we should be expecting some bearish action to me tomorrow, especially early or even in the overnight before the open. Today I took a couple of dandy trades, one short and one long right at the S/R zones. The third setup (long) was "iffy", so I don't know if I would have been able to get a piece of the entry, would have had to be pretty quick. Looking forward to a little volatility tomorrow, though with no reports of note again, probably be more of the same... Good Trades
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