Looking over Wednesday's trading landscape, the thing that stands out in a big way is that it appears the risk trade is possibly back on again. We saw it in oil, we saw it in the RUT, and it has to be respected going forward or you risk getting your lips ripped off. It's times like these you have to put on the blinders, the ear plugs and anything else you need to do to focus on price. Forget about rule violations and/or expectations, because if they're trying to make the freight train leave the station here, you don't want to be tied to the tracks, okay? This could be a short-term dead cat bounce from oversold conditions, or something bigger, but whatever it is, if you're on the wrong side you know how this story ends. Get neutral in your head - no bias- no expectations, just trade with the sharks as they navigate above the alligators. This is when focus counts more than anything. I trust that you’ll all watch the details of the moving pieces intra-day and keep each other safe. Don’t forget to check the EOD prints on TICK for further strength or weakness, monitor the copper chart, log the 5 day TRIN average… details, details, details.
Included in the charts tonight are a full look at SPY intra-day chart, replete with previous CCs up higher. Do we get there? I don't know, but you'll have what my eyes have seen in case you need it for reference. ;-)
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Zig’s T for tomorrow :-)
Stay safe and sane TTWrs… I’ll be on my way home to SoCal for a little visit tomorrow night, and will catch you when I get back again. Guard the castle from the flying monkeys. 143 <3
