I’m up, meditated and at the computer and working before 8:30. This doesn’t happen often, and I’m not 100% sure what to do because A) The market isn’t open yet and B) Even when it does open, I want it to breathe for 15 – 20 minutes before I really look to get into anything — I don’t want to be faked out by the initial morning push.
I’ve got a couple things that were going through my mind this morning that I wanted to note for a friend, so I think I’ll do that for a bit and then come back and really analyze what I see. Before I get to that, though, I’ll say that looking at S&P futures, I’m anticipating more weakness there. In Futures, today’s candle gapped down a bit, pushed down initially, but is on a bit of a rally and is up a little on the day. Price didn’t push down so much that I’d expect it to recover, and it didn’t push up so much that I’d expect an up-day, so I’m leaning toward weakness. We’ll see in 20 or so
Equities, as of right now (8:58) are pushing down, but they’re not down much. I expect more weakness, but wouldn’t be surprised to see a day of strength here — price could also potentially just stay right around this area for the next day or 2, too. The VIX is up barely on the day, but still moving upward. I thought about this yesterday, and I think these lower volatility days are the better days for me to trade, since I’m looking for increasing volatility, I want to already be in something when that goes up. I’m not going to not trade on more volatile days (well, I might, just given my anxiety and propensity to be overwhelmed) but I should look forward more to these days and not freak out about missing something in an already highly-volatile day. I’m holding for multiple days. It’s fine.
Now, to look at some charts and determine where I want to focus for the day
ET – Energy Transfer (oil and gas pipelines) – has been pushing up since the beginning of the year. Over the last 5 trading days, this based/pulled back, and today, price is back near the highs. Pattern-wise, this looks like it has some breakout potential, it’s above both MA’s (the 20 has been carrying price for most of that run, save for a couple of dips below it), it’s near it’s upper band but hasn’t broken it yet, and the RSI is not quite in overbought areas yet. The only negative I really see right here is there’s another, slightly more minor, level of resistance I’d be taking this in to (and the fact that it seems to be moving right now and I might’ve missed the breakout), but I like it so I’ll run numbers. First before looking at other charts since this seems to be moving
I’m at a pause. There’s a couple things that I liked earlier, but they already made the move. There’s a couple other things that I liked in the future, but they’re not doing what I want them to do yet, and their IV’s are already spreading apart. I’ll keep my eye on RUN, and maybe pull the trigger if it retests, but otherwise I think I might just be sitting out today. I need to decide what to do with ET, though, either market order or practice account.. I like it. It’s still pushing up. The numbers make sense