I feel like writing last Thursday’s post again. We could have taken the week off!
It’s mid-day and lots might happen before the EOD. So I’m hedging… A good amount of air has been let out of the balloon. Today’s numbers were mixed and have been mostly digested. Nothing really market moving in either direction. With the exception of my natural gas futures position NG_F we’re sitting on pivots all over the charts. Oversold some say. It’s a tough spot with the VIX hovering around 20 (but well off it’s highs of yesterday) and Europe under duress. I’m watching the volume today and tomorrow. There has been an increasing daily volume and 135 on the S&P will be key if this downward trend is to continue.
I’m hanging out long on my Natural Gas Futures (QG), added to the position at $2.43 on the pull-back, but it’s very volatile, might still get stopped out. The chart’s are working well with $2.50 as a hard ceiling… I’m expecting some consolidation here.
Good EOD Trading.