Today's jobless claim came out better than expected and 2nd Q GDP was better as well. Market tested yesterday's low before open and pushed back all the way to Tuesday's gap open. I was totally fooled by the opening action thinking the good news could be bad for the taper watchers. I shorted ES in sim all the way up and had 3 full stop outs. With the hypnoses I entered a SPY 161 put for next week at open. It was also for hedging my call. My call was taken out on the way up and my put is now under water.
This week's pattern for ES has been morning drive up and pull back in the afternoon except the gap down in Sunday night. This may be an reflection of lack of confidence by market participants. The uncertain factors overhang and technical levels contain the market in an range.
It is very frustrating that my orders in both calls and puts didn't get filled. They were near but didn't reach my price targets. I am getting better at not chasing trade now I guess. I would rather be out of a position than in a position where I can't get out. I may not have a good trade next week if nothing comes to me tomorrow. It's OK consider the potential risk of war on Syria.
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