Disclaimer: This newsletter is not financial or investing advice. The information is for education purposes only and reflects only my own operation.
Pretty flat day today. However, we held the levels we had to.
On the downside, we almost retested to the tick the 3964$ level I talked yesterday.
On the upside, we tried a couple times but eventually failed to breakout from yesterday’s high.
I think the market is waiting for tomorrow’s Retail Sales data @ 8:30 & JPoww speech @ 14:00. These 2 economic releases should give direction to this market, either up or down, we don’t know.
We’ll make it pretty simple here for tomorrow, above yesterday’s high, I’ll continue playing this rally and keep building my positions. If we undercut & live below SPX 3964$, I’ll switch to a more defensive stance and probably cut my market exposure.
No follow through on the breadth rally of Friday. I was expecting more today. On the positive side, we are held Friday’s gain and market really wait for tomorrow news imo.
The very positive is the VIX that continue retracing and is now below 28 @ 27.47. That’s very good, but tomorrow will be pivotal and I’ll be monitoring this one very closely if market is to roll over.
Tomorrow morning 8:30 we have what I think will be an important Retail Sales report. Many eyes will look for weakness in consumer spending and potentially confirming a second negative GDP.
Also, JPoww speaking at 14:00. Our little surprise box can always say something spooky.
There you go, we’re back to Energy & Oil sectors being the only participating. These sectors are again lifted by the commodity market that is breaking out from a multi-week consolidation.
CL_F confirming the WB with a breakout of the 111.37$ pivot today. I am expecting a continuation from here and next potential resistance are 116.57$ & 126.71$.
There was no reasons to reduce exposure today, but none to increase it as well. I’m at the limit of my progressive exposure parameter here and probably pushing a bit too much. I’ll be quick to reduce exposure if we roll over tomorrow.
New positions:
CC - Got filled @ 39.84$ but was playing the 39.48$ pivot confirming the BORL setup as share last week.
Trimmed positions:
Closed positions:
AN - Closed my position EOD even if no SL were hit. But I had to reduce 10% exposure before close after afternoon market pullback. This was my only position in the red, so I decided to keep my CC position instead.
4 names in the FocusList tonight. Outside Oil & Chemicals, there is honestly nothing too exciting.
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