Market Update

Looking at the charts, I'd guess if there were a bounce (which I'm obviously leaning toward, but I don't know if it's worth the risk to try to trade), it would have to wait until after 2 p.m. at the earliest, the approximate time the op-ex pin which is obviously in effect today, ends.

Perhaps even next Monday or a combo of both.

I can tell you the 1 min charts are EXTREMELY unimpressive, I'm guessing that's because they are steering price to maintain the pin, however there are longer charts in the 2-5 min range that are looking pretty decent. Like yesterday, the DIA is one of the best looking, although my least favorite to trade, the IWM is a close second.

 intraday 1 min charts all look the same, like this, either in line or slightly negative, they aren't doing anything positive.

It's the charts after at 2 min that show some clear signals.

Or this 3 min chart.

I'm not sure what to make of this 5 min with a positive that looks like it's getting run over, but we'll check on it in a bit, I suspect 2 p.m. will see a change in market character.

I'll likely decide around then whether I want to play a short term call position or move anything like NUGT temporarily.

For the time being, I'm just finding the shorts I like that look like they could bounce in to a nice set up like the AAPL charts featured last night and setting alerts.