Shootanappleoffmyhead

Yea, you got it man. Good eye on that by the way.

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JDUKIE

This morning, prior to the jobs #'s, the futures continue to motor on up. Now, the S&P futs have entered the same supply zone that the NAZ entered a few days ago. Still the DOW and NYSE have a bit more room before all 4 are there. Short period RSI's getting very high 70's - upper 80's.

Still thinking a pullback is brewing........

mattman

Usually the first Friday of the month (NFP Friday) is quite volatile. I generally don't trade on this day. I think a pullback is brewing as well, I think a major pullback at some point probably this year is in the works.

JDUKIE

We might finally be seeing at least a pull back of small proportion. If that's correct, I would like to find some short opportunities. Although VZ does look like a good long, I don't think it would fair well if I am right about a pullback in the overall market. So, Going thru my TC screen, I found TIF. They have run up nicely like everything else but have run into a nice supply level here. looking at the smaller time frame, they might be setting up a TTB, descending triangle with a base around 46. thinking short on a break below. since it is in a supply level now that gives me a bit more confidence in playing te break. Also, there are some money flow divergences on the daily chart...good confirmation I think..Here it is.






In @ the open for 3 puts @ 45.97

JDUKIE

DAng..today TIF rocketed up over 4% in better than average volume. Got stopped out but will continue to watch this one.

mattman

could be a good chance to go long on a ttb if it comes back down to touch the new support. I'd keep an eye on volume to see if you can get lower volume today. Better luck next time around.