Mar 092010
 

We had it right with our gut thinking the 36 handle would be the biggest fight of the morning just off the open. But when it didn’t get any traction, I decided to just take the 2 tick loss instead of stopping out for 6 which would have happened. The order flow looked good initially at the overnight high test so we took another quick 2 tick scalp there for a net wash minus two commissions. I would trade it the same if I had the same market all over again though. The directional pull made no sense but the market does what it wants to when it wants to. Today was a GREAT example of what we say about being nimble and adapting to changes on the fly. This is as tough as it gets for reversion trading. If you can keep from losing your shirt on days like today you are ready for anything. Nothing and noone could have figured why this market wanted to charge up to the mid 40’s with no institutional volume. We also sold the top and traded back to 40 in the afternoon which was a no-brainer.

 Posted by at 12:44 pm

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