Cumulative ticks are levelling off here and bottoming after trending straight down for the first 30 mins today. Other internals also bottoming out. Volume is very weak today. I'm expecting some kind of afternoon rally here but the market is very overbought so I wouldn't be surprised if we just go sideways and chop it up for the rest of the day.
On the trade front, all is well with the long bond iron condor and the NDX iron condor. I'm not seeing any other opportunities at this point so it's a matter of waiting for something more substantial to happen. With the pop in volatility today, I don't think selling some is such a bad idea.
Hey Michael looking forward to your update :)
ReplyDeleteMy gut feeling is for one of this week's reports to give us a sell-down, I do have quite large - deltas on Oct IBM long puts so fingers crossed I can sneak out of these sometime in the next 2 weeks!
I rode a Sept GLD iron condor and iron butterfly right to this week, exiting today.
The VXX that Mark S. did in his pit report is also on my books.
Keep your trades coming, they're beyond my understanding at this stage but not forever!
Cheers from the forests of southern Germany.
dP