Well all is quiet on the trade front for myself today other than a GOOG Dec Put BWB with strikes at 590/580/570 as mentioned last time. The trade is down around $40 at the moment.
Internals last night finished positive with cumulative ticks at +25,000. However as you can see from the futures today we are very close to gapping below yesterday's low on the ES of 1182.50. This will be an important level to watch as I'm sure there will be stops just below this so if it goes then expect a move back to the 1177 area. Should be interesting to see how the market reacts to all this negative news. All the quant studies and seasonalities would suggest bullish implications in the next few days but judging from the recent tape action, fundamental news are trumping all of these. I'm inclined to wait it out and see. (Actually I have a small day trade on the ES. Looking to fade the gap fill today and will be short at 1190 if we get there targeting 1185 with a 3.5 point stop.).
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