Market took a break after a big sell off as expected. I was an inside day and ES couldn't hold above PP of 1750. A sell off at closing pointed to a possible down day tomorrow. ADP private job report before open may give a clue for the current job market condition but people question the credibility of ADP's numbers.
My hypotheses 1 is that market would push lower in the next day or two then, pull back to a neutral position of 1750ish before Friday's job report. Hypotheses 2 is that market would stay low as the expectation of a bad job number. The key is how do I act base on my hypotheses and market condition. I missed opportunities to exit my 1740 and 1730. I have tendency of trying to save few bucks but missing the bigger opportunity and bending my rules. I am still not a rule obeying, well discipline professional. I will exit these positions tomorrow base on my rule of stopping at 1.5-2X losses.
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