The market shot out of the gate in one bad mood and stayed there for most of the day. It was interesting however, to see the mass program buying flooding in during the last 20 minutes, and the last 5 minutes in particular.
The NASDAQ seems to want to close the gap from Monday before moving higher, and we could see that happen by the end of this week. To summarize our day-trade today in SPY there was a potential 1.6:1 return for the amount risked or 1.6R if you got out at the day’s lows. Realistically, you should have been able to pull off at least 1R. We’ll continue to scour the market for trades and post them in the morning and no later than 1pm.
If there is further weakness tomorrow, use the opportunity to get in any positions that you may have missed prior to Monday’s breakout.
