ES Premarket Update

Apr 8

Well, there's your TACO, lol. Not surprising that Trump chickened out, but I didn't expect Iran to, otherwise I would have gone long yesterday before close.

Everything is overbought on the 3 hr chart (ES, NQ, gold, shitcoin), but I suspect we get a melt up because that's what happened with all of the other TACO events. Not sure how I'm going to trade this but, probably sitting out until the end of the day or tomorrow since I don't expect much movement today.

I doubt Iran agrees to a permanent peace plan since the 2 sides are so far apart, but I think we go back to the understanding that they get bombed if they close the Strait of Hormuz.

Kicking myself for not going long on bonds or F(ord). Oh well.

Apr 8

Note

Doesn't look like a lot of people want to chase a big gap right now, lol. Could have made money fading the gap on shitcoin or silver, both dumped half the gap already.

Staying on the sidelines for now.

Apr 8

Note

I'm beginning to think the market is just gonna go sideways for the next 2 weeks.... It's well above where it was when oil climbed to $95.

Also, foreign index futures like FDAX and Nikkei all have significant gaps from yesterday afternoon. Wondering if those will fill.

Apr 8

Note

We're still playing the same game that we've been playing for the past month...

"guess which way oil goes overnight"

I have no idea since oil doesn't trade on indicators. I can say we hit overbought on ES/NQ/gold/shitcoin, so we could see a dip tomorrow.