Yesterday was quite a bearish day - as expected. I covered all my shorts in the last five minutes of the day. All except for NUGT puts. I wanted to roll this to lower strikes but wasnt able to in time. So I might do it today. However gold is looking to open up so I am not very sure how to time this out.
So we went lower but didnt test the bottom yet. We might do it today before setting up a bounce of maybe a few days. I am going to play this day by day for now. I think today we set a bottom and then rally for a few days. Then we see if its for real or if we are going to have a bigger breakdown below the channel that the market has been in for the past 1 year and more.
I will put up a more detailed analysis tomorrow. For now, I am just going to play the ranges. And will look for scalping opportunities on the upside today - I am not too bearish for the day. I expect we will find support somewhere today and stage a rally attempt which will likely last for few days BUT should eventually fail.
Best,
PM
So we went lower but didnt test the bottom yet. We might do it today before setting up a bounce of maybe a few days. I am going to play this day by day for now. I think today we set a bottom and then rally for a few days. Then we see if its for real or if we are going to have a bigger breakdown below the channel that the market has been in for the past 1 year and more.
I will put up a more detailed analysis tomorrow. For now, I am just going to play the ranges. And will look for scalping opportunities on the upside today - I am not too bearish for the day. I expect we will find support somewhere today and stage a rally attempt which will likely last for few days BUT should eventually fail.
Best,
PM
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