After the Jobless Claims report we made a new leg down and we are now below that 1080 level I was referring to earlier in the morning trading plan. I’ve got no reason at this point to shed my hedge position, as it is keeping me from some major headaches right now. Oh, and by the way, this is NOT a gap I am willing to fade this morning.
I’ve provided a morning long and short setup, but be careful with entries on both, especially the long setup. If the market continues to sell-off, that setup and any other setup will get torn up. That’s the nature of the market.
LONG: World Fuel Services (INT)
SHORT: Gilead Sciences (GILD)
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