It's usually around this time on op-ex Friday's that most of the contracts are closed and the market can start moving away from the pin and you see some character come out.
I've probably never seen such a narrow distinction between a short duration long trade and a long duration short trade set up, meaning in the VERY short term certain assets look like they'll pop to the upside, but you can literally (in some cases) go from the 1-5 min charts that look solid for a move up and then the 10-60 min charts that are near perfect for shorts, I think the message is pretty clear.
Some assets I've noticed that have changed character this afternoon (just recently as op-ex ends) to more positive stances or positives developing quickly include: GDX, GOOG, USO is borderline to making a much more positive stance, this would be a shakeout bounce, XOM has seen rapid change, URRE seems to be coming to life, AMZN, XLF, FAS and ES as well.
These are assets that have gone from mediocre or uninteresting intraday readings to readings that quickly turned around and catch my eye very easily.
TLT and HYG are also interesting, especially because of the arbitrage trade.
PCLN is a position I'm very tempted to short here, I have a hard time justifying that though is we are to get a positive market environment for a short period as the entry in PCLN would be better.
I'm going to keep looking around
5 years ago
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