I have gone long the /ES for a short-term trade, and I have taken my (handsome!) profits on my OIH and GDX shorts. Otherwise, I intend to simply tighten up stops. My stop on the /ES is 807.
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Groundhog Day
I was already short 20 /ES on Sunday, and I added another 20 /ES to the short and tightened my stop to 826.75. When I got up this morning, the market was below 810, and I covered. Once we get this close to 800, I feel my profits are satisfactory.
Of course, as many times as we keep bouncing off 800, that means a snap below 800 would be fast and furious. In the past, however, I have found that when I have a really profitable overnight trade, I would be better off just taking the entire day off than trying to keep trading, since I usually fritter away those nice overnight gains. So I think I'm going to count myself satisfied with what has been given to me overnight!
Superbore XLIII
Give Me a Big Break
Happy February, everybody. Here's a simple but important chart from Elliott Wave International (used with permission) indicating the critical support upon which we're resting.
I know a lot of us are awaiting the "five 5 washout." I sure am. This could be a pretty amazing week (or two), since so many important decisions are in front of the government with respect to…..errrrr…..saving the financial system. Hang on tight.
