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Still looks to me like someone is building a big short position. Just being very careful about it, trying not to spook the market. I wonder what the last hour of trading will bring. For the moment, I'm flat but I am still seeing an aggressive, albeit very careful, seller on the tape. If he lets the market run up a bit, I might short into a rally.
Can you help answer these questions from other members on NexusFi?
Just puzzled watching the action. Big sellers, big buyers, both sweeping the entire book this way and that way. Just stupid. Where's my seller from earlier?
Staying out of the close, too busy for me. Walked away with some bucks today but could've done better. Another day tomorrow. Best to everyone, comments welcome, derogatory or otherwise.
Morning everyone. Up doing some pre-open homework. Things to work on for today:
a)taking off losers faster
b)being a little more patient about picking my spots (and the opposite, not hesitating on what I know is a great spot)
I really wish my software had stop orders for futures... but it doesn't. I'm using third-party prop software for equities and I have all of these complicated routing strategies for stocks (so much better than the monopolistic cme, imo) but not even a basic stop order for futures. So all of my stops are mental and I have to hit out manually which precludes me from watching other things in the meantime.
So some levels on the SPY which should be pretty obvious:
Going up, 275 and 279
Going down, 268 and 264.50
Currently we are trading roundabout 274 which makes 275 the closest. But it wouldn't surprise me to see a big player run the market down just to mess with everyone.
So as I'm writing this the market is taking off... hold that thought.
This market is whacko. A good jobs report and everyone loses their head? Aren't people aware that jobs are BAD for the stock market and interest rates? Smh...
edit: In any event, if the market wants to go up today, then i'll play along. Let's see what happens after the open.
