Pretty much as expected, except that volume is extremely light today. Less than 500k contracts traded as of 11AM. WOW! . As we said the edges would be volatile and the first push to the OL was really going to come down to a matter of opinion and my partner and I were opposites on that front. I felt the institutional traders would be buying any pullback to 76 which they would view as interim support and the market wanted to go up. My partner felt the short breakout would work. We were both right as it turned out but neither made money. I bought 75.75 and got chased out on the push down ending up taking a two tick loss. NJ sold 76 and thought about targeting 74.50 but ended up with a target of 73.50 which missed. He brought his stop in when it got traction and came out at break even instead of taking profits at 74.50. We are still working on the high side as we speak. Sometimes even when you have it right you just can’t make money. In hindsight, I probably should have listened to my own volatility advice and either refused to trade the OL and HL or traded with wider stops and bigger targets in the anticipated volatility. Oh well, we can’t do everything right all the time can we?
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