Market Update

It's looking like we are on track, moving from early weakness to the anticipated later strength that should set the move to the upside in motion.

Index futures look good, the 1 min has joined the 5 min charts, in some cases though like TF, they are still weak, on its own, I wouldn't call for a market bounce, but taken together, the composite as you saw Friday, has strong enough confirmation that the trades entered late last week remain open.

As for adding to positions, that's a personal choice depending on your time, your trading style, your risk tolerance, etc.

For the trading portfolio, the positions entered were the right size to do what they were intended to, hedge the shorts and make some extra change on the move.

I'm still in the air on MCP, it did make a small stop run and hit some intraday stops, it's not the move I had hoped to see, but the day's not over.
The trade has goos probabilities for making a move, the question is whether the risk:reward profile makes sense.

I'm going to check some assets and indications to see if the same degree of expected market strength early this week still looks reasonable or if it looks like a weaker case.

For now, I think letting the positions already set work is the best course and any additional positions will depend on the outlook as of today.