Post feedAll Work and No Play...
So the employment data this morning instills confidence in the market this morning that the Fed will not raise interest rates. The averages are creating higher highs, and it looks like the short term outlook has made a shift from bearish to bullish. Well, for the moment it looks that way.
I mentioned I closed most of my trades...only leaving a position in RHAT and VIP. I am running a few searches this morning to find my next victims, and I am not convinced to buy anything today just to lose time value over the weekend.
I am taking a small e-mini position this morning to ride the wave and I think I will hold off on buying any options until Monday morning.
A few things I am watching that I picked out of my search were ABI, RWT, CVX. and PLLL. As you look at PLLL take a look at the pattern it formed at the top of that trend. Yes, an Inverse Head & Shoudlers. I normally don't see these at the top of uptrends...nor do I trade them since they are typically found at the bottom of downtrends as reversal signals. However, in Technical Analysis of the Financial Markets, pg.153/154 he talks about the Head & Shoulders pattern as a continuation pattern. The question in my mind is the probability of a profitable trade. I'll keep my eye on it today and possibly take a trade on Monday.
I mentioned I closed most of my trades...only leaving a position in RHAT and VIP. I am running a few searches this morning to find my next victims, and I am not convinced to buy anything today just to lose time value over the weekend.
I am taking a small e-mini position this morning to ride the wave and I think I will hold off on buying any options until Monday morning.
A few things I am watching that I picked out of my search were ABI, RWT, CVX. and PLLL. As you look at PLLL take a look at the pattern it formed at the top of that trend. Yes, an Inverse Head & Shoudlers. I normally don't see these at the top of uptrends...nor do I trade them since they are typically found at the bottom of downtrends as reversal signals. However, in Technical Analysis of the Financial Markets, pg.153/154 he talks about the Head & Shoulders pattern as a continuation pattern. The question in my mind is the probability of a profitable trade. I'll keep my eye on it today and possibly take a trade on Monday.
