Not much in the way of fresh ideas from me today.
I went into yesterday’s opne as more of a bear and right after the ADP jump got the easiest trade of the morning, smooth 5 points down, easy. Rest of the day (after I went to bed) was a messy up day …
Only thing I have seen of interest today is a pretty straightforward discussion from Mike O’Rourke. Nothing too deep about this, just good sollid stuff:
Friday’s jobs report especially crucial
Looking at the accompanying chart to that article I would be erring on the side of absorption. Ordinarily when people mention levels and ‘if it goes through there watch for a lot higher’ then most o the time it is a really good short around that level for at least one nice trade on a pullback. But this looks a bit too absorby for me.
Still, cash doesn’t open for another 11 hours, so plenty of time to get scared off my view hahahahaha
No changes from yesterday – the deflation talk still around, though now a few ‘but what about inflation?’ questions appearing.
Also, read that the US COngress goes on holidays now, which is often a good time for markets.
And another thing – volumes have been thin, US holidays of course, no surprises there – but makes the ES much easier to ouch around in 1 to 2 point ranges, nice choppy stuff if you are into it.