Friday, 7 September 2012

Rally, Rally, Rally!

I was glad that I closed all my swing option positions on Tuesday as I reported in my Options Blog here. I was getting a lot of bottoming signs in my indicators, the same indicators I use in my day trading but using daily data. I took reasonable profits on those swing trades but exited much earlier than I normally would.

Yesterday's action was straight up. Shorts were being squeezed and they ran for the exits. I'm looking to put on new swing option trades after the employment number today. I'll report what I did in Monday's options blog.

As far as this morning was concerned, it just keeps on going. The market found the POC and yesterday's close and rallied out of there. What happens after today's jobs report could change things.

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