Today was back and forth all day with a good start and an unfortunate close. Even with AAPL leading the way we couldn’t come close to yesterdays or the day before’s highs, and we did make a minor lower low. Any move to the downside can turn ugly in a hurry tomorrow. We day-traded the SPY puts and when the market rallied we bought the next series lower (210 puts) and held them over night. We’ll have to see how this works in the morning. As of right now (10:50PM) the futures are slightly lower, but a lot can happen in the early morning hours.
The internals were pretty mixed with the volume almost 2:1 down and the stocks barely leaning to the negative side @ 8:7 down. The cross currents in this market are many but the volume has been consistently bad. One day is a clue or climactic, a second might be a more important warning, if it happens again it will put me solidly on the short side.
No trades tonight since I need to see whether we hold and rally or just collapse.. CAM
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