Internals were strong off the open and started trending up but have now started pulling back. NASDAQ is looking decidedly weak right now. Breadth is actually negative on the NAS. Volume is average and on par with the 30 day median but no where close to like it was yesterday when it was very strong. Overall it looks like we are in for another chop session. I'm not sure when we will get some nice movement and opportunity but it feels like everyone is on vacation.
My trades are looking dandy right now. The OEX put BWB is doing quite nicely and so is my iron condor on the NDX and SPX. I've got capital to deploy but I'm going to wait until the market actually does something! Yep, I'm going to be much more patient, and disciplined as to when and what I trade. I think that's the best way to approach things from now on. Take what the market gives. This is how I used to trade a while back and I think with the uncertainty surrounding the current market you need to try and get as much edge as you can.
Hear hear - take what the market gives you.
ReplyDeleteAny tips? ;) Both Direction ? & Volatility ? from my point of view.
dP
I think sideways for direction. With regards to volatility, sell it when it appears high and when low then stay out as there isn't really that many trades out there to take advantage of this with the current term structure. Perhaps buy units??
ReplyDelete- better late than never - today I'm buying units :)
ReplyDelete