dance
That's what I am thinking, they would want to have the euphoria of the new highs kicking in at least. But there is also a lot of speculative positioning with the expectation of the new highs. So we will either see a top right here, or about 10 points higher... Either way, the next stop will be around 1125-1135 zone at a minimum...
So, I am slowly buying puts from here for the next 10 points around 1145-1155 strikes for the following 2 weeks and selling puts for the ES weekly options around 1130-1135 strikes. If we indeed break down on Friday, I think my profit potential will be maximal since I still expect a break below 1135 to trigger one more bounce above it...
Most likely we will get a clean break until Wednesday, but quickly reverse it. There is a 12-13 day cycle at work, it projects for a low either on FOMC or the day before. I can see the market taking off either on FOMC or the day after. I will quickly reverse these positions...
So, I am slowly buying puts from here for the next 10 points around 1145-1155 strikes for the following 2 weeks and selling puts for the ES weekly options around 1130-1135 strikes. If we indeed break down on Friday, I think my profit potential will be maximal since I still expect a break below 1135 to trigger one more bounce above it...
Most likely we will get a clean break until Wednesday, but quickly reverse it. There is a 12-13 day cycle at work, it projects for a low either on FOMC or the day before. I can see the market taking off either on FOMC or the day after. I will quickly reverse these positions...
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