The results were breakeven on the day. There was a one hour and 20 minute trend right at the open that ended at 10:50 EST followed by five hours and 10 minutes of chop through the 4:00 pm EST close. Typically the market has been more choppy at the open instead of trendy.
The market looked like there would be a second leg down but at 1:50 pm a slightly lower low was made followed by a rally back to the top of the intra-day range from 11:00 am forward.
I had also anticipated a second leg down from Friday's close after so much sideways price action on Monday. We did get that move down to extend Friday's sell off but it wasn't a complete move and we saw the end of day "curl up".
The dip buyers continue to prop this market up for a slow and choppy downtrend.
There is one trading day left in the month and we are treading water here for some more favorable price action since many of the trends have occurred at night or during very short periods of time.
Tick Reversal was the short of the day, shorting a strong counter trend rally and exiting near the lower range on the day, hitting its profit target. VT NQ was another nice winner on the day taking the short side. We go over all the trades.
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