Spoo’s…Futures traders were paid for their mid-week shuffle trade that was laid out at the end of yesterday’s session.
3300 was the target and exit.
Yesterday I posited the proposition that the low was good for a bounce and we good go as high as
the Pit gap @ 3356 before shorting with a very tight stop.
This was based on the view that big cap tech earnings could propel the indices higher to low risk selling levels.
As I look at the board with a strengthening Dollar, we now have a chance to see unchanged on the year @ 3236.
Time will tell.
Be patient and flexible.
This is one of those situations where Futures traders could cash out and options traders are watching, what should have been big gains, evaporate into a push.