LAST evening after a day of extended selling, something occurred that gave a clue to today's trading: buyers at a prior support.
The market had heavy puts still open. Logically with a large sell off one would expect some (most?) to exit with profits prior to expiration. If so, market buyers would look for a beneficial entry point to play the next leg up. They do not like buying high, giving preference to a pullback for a better entry.
Last evening they got that opportunity.
The outlook seemed obvious:
[22:58] <CM> 60m buyers at the support levels we discussed earlier (chart link deleted)
[22:59] <CM> tomorrow: dow triple digit move es double digit
A little detour in the US Open with a range run BO short, that found support at the BO-5 level. A little "shake (shake out traders) and Break" was in order before the longs again took control with a reversing range run and long BOT BO.
PA ends +10 for the long break out, more for those entering the reversal.
No comments:
Post a Comment