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Trading from Statesboro

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Why do I feel like I'm gonna get squeezed today?

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Wake up momma, turn your lamp down low
Wake up momma, turn your lamp down low
You got no nerve baby,
To turn Uncle John from your door.


(The Allman Brothers)

And away we go! Another session kicks off in Minyanville and the games have officially begun. Early observations include a slippy dollar, a battle in the financials (watch this!), an important level in NDX 950, signs of dryness in storage, green horsies (CSCO, ORCL, INTC, MSFT) and slightly negative internals.

An early test (lower) was intuitive and, while it doesn't necessarily mean we WILL rally, I feel we have to get the jittery critters out of the way IF we're to lift. Again, with everything going on in the world, the upside is clearly the cute side. Gucci Gucci Goo!

My game plan, as of now, is to patiently wait and watch the next hour or so unfold. If they tag the S&P down to, say, 805-810ish, I'll likely add another leg into my bull costume. If they rally from here? I'm there, albeit .25x worth, and I'll be thankful for that. THE decision for me is one of style. Do I set a stop level or do I scale into appendages and exposure? For me, and because of the defined risk nature of options, I'm leaning towards the latter. A'ight?

I'm watching the BKX and XBD (brokers) intently and I can't stress enough how critical this complex is for the fate of the tape. Good luck, my friends, keep that head up and think positive--succesful trade begins within.

I'll be back.

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