Thursday, October 16, 2014

Intraday Pullback

The Index Futures and most of the averages are showing an intraday pullback, which is what I was hoping to see.

 ES/SPX Futures

NQ/NASDAQ 100 Futures

TF / Russell 2000 Futures.

During this pullback, I'm going to try to get out as many updated charts as possible for swing trade candidates.

I'm looking, especially if we see continued improvement on a pullback, to add to FAS and bring that up to a full trading position, UPRO as well and URTY, 3x long IWM.

As for the NASDAQ, TQQQ would be a good choice, but I think I might go with some November 22nd Call options with a strike around $92 or so.

Again, I want to wait on a pullback and hopefully see continued improvement, but at this point the IWM is positive out to 60 minutes and looking pretty darn good, I almost entered it about 30 mins ago before I started seeing signs of a pullback , which I welcome as they just give us more time to build stronger positive divergences and a stronger base.

All core shorts such as NFLX will stay as they are, I'm mostly only looking at trading positions long, everything else I want aligned with the highest long term probabilities as those are meant to be core, trend positions.

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