It's a quiet day before a possible storm tomorrow. ES has only 7 point range and it didn't break IB high nor low. It only occurs in 2% of the time according to FT. The market is waiting for tomorrow's job report for August. If the numbers come out bad the market may bounce because a bad job number could delay Fed's tapering QE3. ES is parked in mid ready to go either way. Many anticipate the markets are going to trend down if the number is decent.
I plan to establish put sell positions for the weeks of 13 and 20 tomorrow after the report and market showing a clear direction, not the initial swings. Plus, Friday is a good to get in to take advantage of time decay if the conditions are right for entering. Remember to be patience and control emotions. I exited out my 1680 calls as a risk control measure just in case the market rallies. ES touched Fib 78 and drifted down after open.
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