So far the QQQ weekly Call position that expires tomorrow is up over 10%, not a big gain for what the weeklies can do, but in such a low ATR environment and a fairly quiet day so far, if you have solid signals, why not make some money with them?
Leading Indicators for the most part seem to be taking a bit of a breather, there's no improvement in them, some are even worse, but as I showed you with the ES 5 min chart, a little bounce
and some increased volatility is to be expected here after yesterday. I'm not calling out a bunch of short entries/add to positions right now because I think they can be had at better prices, but I am keeping an eye out for any that look ready to go now.
Here are the updated charts...
The Euro vs the SPX hasn't seen any real momentum the last 2 days, that's a bit out of character for the FX pair so this may be close to a move/reversal.
EUR/USD 5 min, still not much movement, if the market is going to see some upside then it would make sense that the EUR breaks above this most recent range before it reverses to the downside, volatility should start picking up.
FCT which has been a goos leading indicator for us has put in more downside today vs the SPX.
High Yield Corp. Credit is not looking any better, but seems to be taking a pause.
The same is true of Junk Credit.
As for the trend in the market, it's kind of clear to see on the TICK chart, the early action was negative and the afternoon action is more positive so the BIDU calls and QQQ calls should make a little money which is good.
Other than that, I'll just be watching for anything sneaky cropping up or some opportunities.
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