Hello Everyone,
Some big swings overnight and early on today BUT still within the recent 100 point range on the SPX (discussed last week). Energy is building and expecting a big move once the range breaks. ES support 3835 and 3820 with resistance above 3855 and 3875.
We had some very nice trades today in the energy complex (XLE/OIH/XOP) and several individual names (all on the short side). Will review below.
Note: Several previous ideas on watchlist remain valid but simply have not yet triggered so continue to re-examine each night. Consider making a fresh top 4-6 setups each night and put on front page along with existing trades. My advice is to keep your total ideas to a manageable number (very few in volatile market). Lastly, it's best to wait at times for valid setups to form - sometimes less is more. Big moves tend to occur first and last hour and overnight sessions.
Please take a moment to look at the trade ideas.
