Very quick post. The resistance area in the SPY, which I first discussed in this post from 2/16, is the area where I believed we would start to see more range trading vs the rocket ship rally out of the beautiful 2/9 spring. And we have certainly had some more compressed volatile trading in here, perfect for options trading – in and out. I discussed this in the posts from the 2/15 and 2/16 trading. And again today there were a couple of option trade opportunities. I waited for the SPY to set up later in the day, the explanations are on the chart, still long a small position, scratch stop (hopefully). That volume I referenced below on the chart, that was a “magnet” on a daytrade for a trade back into it, it was likely to bounce back there. I was looking for that as the selling area potential – daytrade. And yes a 123 bottom, but notice the volume at the #3, too heavy, so I waited for a retest. Where was the retest? Back to the #2 low – very common. I did a lousy job of selling the 3/4 batch – not happy with the execution. I was looking for a bit more upside, didn’t happen.
GDX is discussed, all on the chart, my thoughts.
AKER was a daytrade scratch, still watching it, but that setup was not nearly powerful enough to warrant holding overnight. On 12/20 I held a CANN buy “overnight”, actually 3 weeks. Now that was a powerful setup.
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