A bit tricky today due to lack of directional conviction, although we did find a nice trade eventually. It is just tricky when volatility comes up and there is no clear sentiment. Even the consumer news wasn’t ever going to put a bias in no matter what the number was in our view and overall as I said in the pre-market we remain negative. So basically you have trending conditions although the market isn’t really trending, but that still makes things tough for the fade trader because the second pushes don’t set up right and/or don’t attract institutional interest. I kind of know after all these years that if I can’t call some kind of bias it means a good percentage of my peers can’t either. Couple that with a Friday and no definitive directional news and you have lack of participation from big traders – myself included. We rely on coat-tailing in a big way and there are not many to ride. A couple easy ticks scalps though at the 73 and 65 handles though on the first pushes today. Here is the one good coattail op today, though it was purely a hunch on the turn at the level as we didn’t like the distribution of volume within the bar. We kind of flipped a coin, used my negative bias and the toss came up tails. Tails I win, heads they lose. LOL!
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