Happy Friday and Happy Chanukah, traders. Once again the bulk of the moves were made overnight on /ES (thank you Captain Obvious) and as I mentioned earlier this week, as did Fujisan.. chances are with not only OPEX around the corner, but the holiday beginning tonight, the volume just hasn't been there to push the tape much in either direction. They'll make sure those December options expire worthless if they can, so theta burn warnings are in full force. Unless you can find some dandy little individual trades or are happy with 2/3 points on the futures, there's not a whole lot of shakin' going on, but we're optimists around here, and always anticipate things will be different today. Hey! They might end up that way too, we'll have to just see! My own foible today was not coming to my station prepped with a good list of both long and short possibilities, but the worst thing a trader can do at that point is start chasing a trade just to be trading. DDT posted a very good piece on that topic in the previous post. Meanwhile, we wait while the bull keeps staring us in the eye. Thank you Crowe for offering to take a hit for the team, btw. Going over the charts, the one thing that really stuck out to me today was USO. I had a conversation the other night with DJ on the notion that it was probably due for a bounce from oversold conditions. Well... guess what? Lest we forget what happened on the way up, things can be very overbought and keep climbing, and the same can be said for the ride down. The only thing that counts is price, and whether or not buyers want to buy, it's that simple. Good trading to you all, and most of all, have a spectacular weekend.
Dedicated to a great trader who has been busy with other things lately,
but is sorely missed these days.. our friend, Moo over at Bluechip Bulldog., who happens to be a Pink Floyd fan as well. We all miss you, buddy.
