Market turns often happen when you lest expected. Everything was pointing up this morning when ECB dropped rate and US GDP came out better than expected. ES hit 1775 high pre market with ECB news. May be the GDP was the underlying fact for the drop. Better GDP = Better employment numbers? I didn't think about that earlier.
ES had about 30 point swing and 21 points drop. The ranges are much bigger than I expected. I over traded at 1735 level and kept add positions to average out. Entered 15 contracts and committed most of margins for today. My 1735 puts are about 1.5Xs under water. I may have to take a stop overnight or tomorrow if it gaps down with job numbers. I need to limit my number of cars allowed per day to better manage risk.
Tomorrow's market movement is very much depending on the job numbers at 8:30 AM. Remember that a bad number is good for the market and a good number may trigger a sell off. My levels are: S, 1737, 1732, 1727 and 1723. R: 1755, 1762 and 1767.
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