Greetings EminiEdge Traders,
Taking a couple of days off and a holiday to boot, but back to the fun of trading. On Friday the setup was there to grab a couple of straight calls near the end of the day. If you didn't get the chance, there's still time if we get a little pulse down on Tuesday morning. We're looking for a short/intermediate term bounce and short covering and a continuation of the ongoing zebra stampede. Looking to target the 1950 level eventually but don't care if it gets hit exactly, just some counter trend rally to value the calls. We're still in a downtrend and we need to be careful with the day trades though the first good pullback can likely be bought, maybe around when the housing index plays out. Then we should look for the short covering to run it's course and eventually stall out. Watch your S/R for entries on the bounce up.
If we get near the 1895 area I'm going to look to take some profits off the table and trail the rest of the options a bit... If I'm wrong, well, then I won't! :)
Emini Trading Blog
Want to know when there's a new post?
EminiEdge doesn't spam
"Trader Joe" trades the Emini S&P exclusively and is the main influence behind EminEdge.com.
Older Archives - Log In
Follow Emini Edge Trading