Jobless Claims came in slightly below expectations and managed to provoke a bit of a sell-off on the futures. Markets are still gaping higher from yesterday's close and most sectors are in the green. For the intraday traders out there keep in mind the recent new trend in price action: push people in long off the open and then burn em out into the afternoon. SPY has retraced now considerably from it's all time high last month and many traders are advocating for some kind of bounce play. The big jobs report will come out tomorrow with unemployment & payrolls hitting the street during the premarkets.
My expectations of being able to pull out massive gains in the large-cap names I follow has substantially reduced. The price action lately has been difficult for many traders and protecting capital is now my number one goal. During chop environments, there are ample opportunities to write options but even that strategy comes with its share of headaches.
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Long bias traders have gotten crushed every single day now and I would recommend caution again for those type of ideas today as well. My idea is to simply not lose money. That way when the juice comes back and the tape clears up, I haven't dug myself another hole to climb out of.
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