The Magic 8Ball Says: "Your guess is as good as mine" (QQQ)
Quite a range today as stocks and commodities were at the mercy of the rhetoric and headlines out of washington. Deal or no Deal that is the question, until this question is answered do not expect our index’s to calm down one bit.
The bulls showed their mite pre market, though the bears controlled the morning cession. The afternoon goes the bulls as they walked us up to 1280 pre close.. Bears have taken us down to 1278.5 at the start of the night session. Notice the volume patterns in the chart below and their associative pivot levels.
I said it earlier on twitter the current market environment is not for the faint at heart, we are getting large exaggerated moves which are not easy to trade if you are not positioned ahead of the moves.. Lay out your orders and trade from extremes. Sell rips and buy dips.. dont get married to longs or shorts. The magic 8 ball has not a clue nor does anyone, clearly there is still a downward bias but we all know
how easily this market can take the elevator up. I would not take any substantial futures and or commodity positions to bed with you if they are learning heavily in either direction.