Trade Plan for 10/3
Peter Pan I Summon Thee (We gonna need him)
The weekly post should be reviewed prior to this. Link to The Week Ahead
If you’re wondering about the picture and the subtitle, I like to give names to some of the bigger ES players that I occasionally recognize based on patterns of behavior. Peter Pan is the only bull I’ve bothered to recognize because, let’s be honest, there’s always buying in the index. If you are a subscriber and aren’t familiar, see the abbreviations room in the discord for the cast of characters for a good chuckle.
The plan for today on SPY 0.00%↑ was to initiate a swing long attempt on a look below and fail of 5733. We knew that buyers would need to show strength above 5769-5771 for this swing to work. The look below and fail played out, and we rallied to 5769-71. There was quite a bit of passive selling in the 69-71 area (as expected) but bulls defended two back tests of the open afterward. Thus, it was reasonably constructive for bulls but little has changed. For the swing to be good bulls will need to crack both todays high, and really the Tuesday afternoon high to feel comfortable.
Other than SPY 0.00%↑ I still have NMM 0.00%↑ AAPL 0.00%↑ and GOOGL 0.00%↑ commons. I am 95% out of GOOGL 10/18 160C after taking profits again at $10 from $3 entry yesterday. I haven’t yet decided if I’ll personally just exercise, roll, or close the last piece.
We added PALL 0.00%↑ commons on Monday. I took a stop on a dumpster dive attempt on CELH 0.00%↑ today and I took a starter on a Bitcoin position. CELH is in an area of interest for me here but I don’t hold bags against trend. I likely won’t initiate any more swing positions this week as I’ll be on vacation for part of next week. Newsletters will still be published, though likely shorter and perhaps sent later.