Markets may be going into a selling climax
Noticed the first signs yesterday before I put the hedges on. Unfortunately I observed more of the same today that forced me to put second hedge although intraday timing was little off again. br /br /Now you have to listen carefully. The short covering rallies which are quite deceptive can be a cause-building because unfortunately market can not move away from what I consider a very important pivot around 800. I did not want to carry big contracts with such a market that closes near this important level consecutively. So I am only left with ES and ETF longs that are fully hedged via YMH9 and I am waiting for the market to tell me what to do next. I do not have a very clear read on the market at the moment. I am waiting for the certain occurrences to take place in order to move ahead decisively. br /br /I will post another update after the close as we are at an important juncture.
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