Market Personality Change
… well I feel rather obligated to go through with my bullish ITM put spread but honestly, since I didn’t manage to get it on, I also feel a personality change in the market. For me, I sense these things through speed and rhythm and the s/r of yesterday and this morning, is striking my “UPR” (unconscious pattern recognition) as a change.
I can’t yet go so far as to want a bearish call spread… and I think I will still take the opportunity to put on the bullish put spread today …. but as much for the learning experience as for the conviction in the trade.
Given Thursday’s action, your intuition paid off.
I think the naivite’ was really baked into the market on Thursday. At 8 am the bonds started humming to the upside and I mentioned to the shadowtrader chat room on TOS that we could see S2 on the Person Pivot line (sort a 2nd level down on a daily resistance) which was something like 1140 or something. I wasn’t predicting armageddon or anything just a bearish move. Another guy named Tim Sykes cryptically wrote “get your shorts ready”.
But people couldn’t beleive it …. it was if they were incredulous that a market could go down. That’s when I said to myself, “oh this is the end of this little bull move.”