With options expiration day upon us, not only was the conservative umbrellas up, but we also wanted to protect our weekly green. Our best opportunity was in the globex session, where the markets used the great earnings report by INTEL to perform their famous pump and dump routine by dropping 10 points at one point in the globex. 1138 was our price and bounced nicely off that area. During the regular session that area didn't hold so we sought out shorts. Confident about a late selloff back to the lows never happened and took at breakeven near the close. Daily result of 2-0-1 for a 2.5 pt gain into the holiday weekend.
Recently the markets were able to bounce back from these shakeout days. let's see if they can continue that. Official support and resistance numbers to go out Monday night but I wouldnt be suprised if that 1138 pops its head up as one of the pivots.
Good weekend all.
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