I hope readers got a chance to see the subscriber video from the weekend that was posted here Tuesday morning. It was far more detailed then I could update here, but it walks through my current outlook and just as importantly, the hows and whys of it. Not too much to add as the first two days of the week were completely in line. If you have been a reader of this space with any regularity, you know I like to trade on my own terms. I would rather pass a potential opportunity than chase it.

That comes back to my key word “patience” and I exercise it on 30 second charts in the ES futures during the day, as well as on daily and weekly charts. Additionally if we are trading options we must be constantly aware that they are an eroding asset, that often they have zero intrinsic value, and only a value based on the time to expiry.

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The latter is enough of an obstacle to overcome, in return for the leverage options offer, that I always want to trade on my terms. So the stocks I favored on the short side in my update at the end of last week… Citibank, Starbucks, and Data Dog ….. are all down pretty hard since then…. but unfortunately none of them set up the entry trigger I was looking for. I want to sell rallies in the bear and buy dips in the bull, and I have specific strategies to do that. If the strategy set up doesn’t occur, well I just wait for the next one. The market is an endless river of opportunity. No need to force it, chase it, or play on anything other than my own terms. Stay tuned. The river will provide an opportunity before too long!

Thanks,

Joe