Monday, November 24, 2014

Monday But No Trend Change? 11-24-14

My plan:

Indices opened in range on Sunday. They are holding well the uptrend. The seasonality is up in the holiday season. I will be careful on any bear calls and only look at least 2% above. I will look at SPY, QQQ for small size and spread to fill on any weakness. I may have to take my 2075 ES bear call out since it is not within a daily range. My next up target is 2080 and 2100 on daily and weekly BB charts.

Grains are in range since opened on Sunday night. All the three appears forming a IHS after the option expiration week. I will use the consolidation period to adjust my risky options and lock in some profit for the good ones.

My play:

ES/SPX had a less than 6 points, small range day. I didn't have any trade for indices other than tried to exit my ES 2075 bear call according to my plan. But it didn't get fill. It's been so hard to trade indices lately.

Grains closed down other than unchanged soybean but no major breaks. I rolled over bear calls in corn and wheat following my plan. The bigger question is that if the other shoe is going to drop? I need to study the charts more and come up with two hypotheses. My current positions of bulls and bears would likely to cause one side to lose.

 

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