The market appears to be forming a pennant, which actually makes sense since nobody really knows how the trade talks will go. No pumptarded optimism this time around, apparently the market finally learned its lesson after the last dozen talks failed.
I'm kinda doubting any news comes out until Monday, they'll probably extend talks as usual then get nothing done. I think XRT $41 straddle might be the play Friday before close if a deal isn't announced by then.
Still no position, probably not buying the straddle today.
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Maybe I should have bought the straddle, futures gave up today's gains already
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Rumor is that China talks have stalled and delegates are leaving tomorrow, hence the drop. We'll find out tomorrow.
XRT is going to test support if that happens.
Order cancelled
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So much for the rumors, lol. Chinese fake news.
Anyways, Oct 18 $41.5 straddle is $1.26 right now, I decided it's not worth it, probably just better to wait for the news and play the direction.
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A trade deal will more than likely pump the entire market, and earnings season is coming up. This will allow an opportunity to short companies that missed earnings last quarter. China deal won't fix crap like UAA or any of the failing retailers.