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The market not holding its opening prices. It wasn’t surprising though. I saw either scenario as playable today so now the possibility of a weak open Monday becomes a buying opportunity. The thing that sucks is that the RUT sold off from its 10:45 pricing while the SPX pretty much held onto its morning gains – that tells me something or its my bullish bias telling me something.

SPX 1490-1500 is going to be all the rage today and all the rage next week until its broken. The move up off the bottom has been so intense that its pulling all the moving averages up even if we pull back for a few days. The eventual pullback (maybe gap fills) will likely be the buying opportunity. My plan today was to cut my index positions at the close if we finished up near the highs we saw this morning. That didn’t happen, but I wasn’t on top of the trade to begin with. Instead I checked my phone while eating lunch/dinner at Rocky’s in Nolita (I’ll give em some love) and realized it was already 4:15 – Shit missed my window. Also picked up some Rice to Riches which is awesome if you’re a fan of rice pudding. I might have to make a second trip there this week.

If we get an up morning on Monday I may “cut and run” on my RUT position and wait for a juicier buying opportunity that will almost definitely occur sometime next week. I want to have my big powder dry for when that op presents itself.

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