Jun 252010
 

A bit tricky today due to lack of directional conviction, although we did find a nice trade eventually. It is just tricky when volatility comes up and there is no clear sentiment. Even the consumer news wasn’t ever going to put a bias in no matter what the number was in our view and overall as I said in the pre-market we remain negative. So basically you have trending conditions although the market isn’t really trending, but that still¬†makes things tough for the fade trader because the second pushes don’t set up right and/or don’t attract institutional interest. I kind of know after all these years that if I can’t call some kind of bias it means a good percentage of my peers can’t either. Couple that with a Friday and no definitive directional news and you have lack of participation from big traders – myself included. We rely on coat-tailing in a big way and there are not many to ride. A couple easy ticks scalps though at the 73 and 65 handles though on the first pushes today. Here is the one good coattail op today, though it was purely a hunch on the turn at the level as we didn’t like the distribution of volume within the bar. We kind of flipped a coin, used my negative bias and the toss came up tails. Tails I win, heads they lose. LOL!

 Posted by at 11:22 am

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