ES Update

30 Oca

COuld be forming a pennant here, if it does expect a whipsaw day today.

Probably not gonna be a good day to day trade, but I could be wrong.

30 Oca

Not

Looks like a hedge fund selloff induced by the drop in gold, they tend to close out all of their positions at once.

Gonna wait until Monday or Tuesday to trade. Too much whipsaw.

30 Oca

Not

I predict more whipsaw until gold bottoms out, wherever that may be.

I'm not that good at predicting gold, so I'm staying out. Do still have PCAR calls though.

30 Oca

Not

It dawned on me that it might not be just hedge funds. Anyone using margin to buy GLD and SLV got hit with margin calls today, which explains the selloff.

It did not look like an algo driven selloff, so I did not try to short anything today.