Originally Posted by richpuer
ES 1172 gap from yesterday needs to stay open for a further rotation upwards....we close this gap and say goodbye to longs...obama speech tonight potential catalyst...bidding on some weekly SPY calls here just for this
somewhat agree with ya...we have a contracting triangle now and its ready to bust loose in one way or another...volatility should come with Obama speech...he will promise new jobs blah blah blah...only money printing will cause sustained rallies lasting more than a month.
I trimmed some long positions and hedged with SPY puts for now.
The Elliott Wavers think we have one more push down that needs to undercut 1173 low before a sustainable counter-trend rally happens...we shall see.