Evening Update: Did we top today?
As an observer I would use word to describe the market over the last 2 weeks...Undecided. Much of what I track is coming into topping regions. It only stands to reason that the market will let loose soon and confirm my suspicions of lower before higher.
From an Elliott Wave perspective I want to point out 2 patterns that should give those in the immediate bullish camp pause. These overlapping patterns (highlighted in green) can explained in traditional terms as sector rotation, but to an Elliotition, nothing is going to launch off of a pattern that looks like that.
I would say today was boring...but when you're a seller of premium (like me)...today was somewhat of a payday. Let me explain briefly:
I first opened a tranche of short 4100 Jan EOM calls when the ES was 3970. This was the area of the .618 retracement level of the most recent decline from 4180 to 3788. The market has moved against me since selling my first tranche. I sold a second tranche today at 4035 and received less premium.
#BORINGEQUALSMONEY!!!!
#LOWSTRESSTRADING
I sure love selling something that I never owned, that even when I'm wrong, I still win.
Best to all,
Chris
From an Elliott Wave perspective I want to point out 2 patterns that should give those in the immediate bullish camp pause. These overlapping patterns (highlighted in green) can explained in traditional terms as sector rotation, but to an Elliotition, nothing is going to launch off of a pattern that looks like that.
I would say today was boring...but when you're a seller of premium (like me)...today was somewhat of a payday. Let me explain briefly:
I first opened a tranche of short 4100 Jan EOM calls when the ES was 3970. This was the area of the .618 retracement level of the most recent decline from 4180 to 3788. The market has moved against me since selling my first tranche. I sold a second tranche today at 4035 and received less premium.
#BORINGEQUALSMONEY!!!!
#LOWSTRESSTRADING
I sure love selling something that I never owned, that even when I'm wrong, I still win.
Best to all,
Chris
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