Thursday I anticipated a gap up/ sell off/ rally into close. I wanted to step into the dip. That didn’t prove correct so far, but we are still in the broader range and Thursday didn’t decide anything. I am long IBM and AMD October calls. One of my reasons for being bullish was Tuesday felt like a day that was trapping bears as it acted horribly on a “heavy” tape. Then Wednesday the market went up. So It looked like the trap was set Tuesday and sprung Wednesday.

Thursday’s action confounds that scenario for sure and leaves us back in the trading range. Friday is the Jackson Hole meeting which could and likely will affect the market. If we see a rally Friday, then I still believe my scenario is correct, If we don’t I will likely look to spread/hedge or just exit my long positions.