Actionable ideas for the busy trader delivered daily right up front
- Wednesday uncertain.
- ES pivot 1968.17. Holding below is bearish.
- Rest of week bias uncertain technically.
- Monthly outlook: bias higher.
- ES Fantasy Trader standing aside.
Tuesday was a good example of the kinds of weirdness I was expecting this week. I called the close higher and we started off smartly with a nice advance that retook the 17K level for the Dow. Things were looking good until exactly 2:20 PM when it began a big slide that ended with the Dow down 70 points, handily snatching defeat from the jaws of victory. Only reason I could find for that had something to do with new sanctions against Russia. When in doubt, blame the Rooskies, I always say.
So with Wednesday being a Fed day, we cut right to the chase - which is that I never make a call on these days - there's just too much headline risk. So we're also skipping the chart run-down tonight - not much point to it, considering. I'm sure Wednesday will provide plenty of entertainment. Pass the popcorn!
And the winner is...
Flip a coin. I really think anything could happen on Wednesday.
ES Fantasy Trader
Portfolio stats: the account remains at $113,000 after seven trades in 2014, starting with $100,000. We are now 5 for 7 total, 3 for 3 long, 2 for 3 short, and one push. Tonight we stand aside.