Pre-open:
Housing starts deflated the balloon and down we go again. This is getting a little tiresome, but we have to deal with it. Opex players are exacerbating the situation by hedging. QQQQ needs to hold 42.
If we don't stabilize at the open, there could be some panic. This market needs real buyers, not shorts covering, which is why follow-through is so important.
We are seeing some pretty big handles on ES. That makes for dangerous trading and I recommend sitting this session out, especially since it is option expiration week. If you are going to trade, book it when it comes, rinse and repeat. Don't hold anything, long or short.
Oil inventories at 10:35.
Housing starts deflated the balloon and down we go again. This is getting a little tiresome, but we have to deal with it. Opex players are exacerbating the situation by hedging. QQQQ needs to hold 42.
If we don't stabilize at the open, there could be some panic. This market needs real buyers, not shorts covering, which is why follow-through is so important.
We are seeing some pretty big handles on ES. That makes for dangerous trading and I recommend sitting this session out, especially since it is option expiration week. If you are going to trade, book it when it comes, rinse and repeat. Don't hold anything, long or short.
Oil inventories at 10:35.
This entry was posted
on Wednesday, September 17, 2008 at 9/17/2008 09:03:00 AM.
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