Happy Tuesday everyone. Housing numbers were due out at 10AM so we played it safe. As expected the market was slow at the open. We sat out during the initial news reaction then capitilized on the short trend once we broke support. Some of our best trades were in SKF, GS, AAPL, and MEE.
After the nice morning trend most of us took a long lunch. The V bottoms came back starting about 11:15AM. Shorts became too risky to hold so we took some fast profits. The market came back up in the early afternoon and our next set of trades came after a top pattern on the SPX. We caught some nice trades on the short side again before the market got choppy and was too risky to trade.
Overall we had a nice day despite the SPX staying in a 10 point range. Tomorrow we plan on taking advantage of the morning session as lately they have had more opportunity than the afternoons.
Good premises and happy trading!
