SPDR S&P 500 (SPY)

[gdl]

Will wait till end of day! The move so far is EXTREMELY B-E-A-R-I-H! No traction and a critical, very critical need to break the recent highs of 2740. heck it will probably not see 2733.

The extremely narrow move today combined with the extremely narrow move over last 3 day implies a BIG move is coming. I mean 1,000 DOW points big and if history is a guide it should happen in only a couple of days.

Dollar still rising as the peak in 10 year has retraced marginally. The 10 year should be setting up for yet another big spike move soon (if) it doesn't first drop below 3.0 percent.

ZTE and congress passing legislation to stop trump from allowing a spy to continue? Shocking! There has been so many out in the open blatant pay to play in the WH we can't distinguish between Putin and Trump. Difference is Trump has a much bigger one to play with. Seems the President just established new rules that future presidents will be guided by. if elected you have absolute power. But hey I must be getting my news from those liberal rags.

Back to market: I am anxiously waiting for the day to come to a close. I see large and small triangle or wedges and the last 4 days implies we are at SHOW and TELL time. The move off today SHOUL, I say should reveal all. Is the last drop the final one for this correction? With rising yields and dollar, both breaking out? If the breakout is real my answer is NO! if however its just a final spike move well then....

If market behaves itself near close of day I might once again build on my PUTS. You don't get an opportunity to "see" a big drop develop often. Risk/Reward like doubling down in blackjack when you have the right hand.