Tuesday, October 13, 2009

Tuesday Log - No Handle

Missed a short fill for the first trade of the day by about a point in 72 area and never really got into a position to enter remainder of day. Thought about entering long in bottom area of 63-64's but missed the opportunity and did not chase. Had a short set up for 67's as it was 50% ret zone from bottom but did not like the price action and internals so took off the trade as price chopped the rest of the session in a tight six point range.

So I could not find the handle today. Did not chase, observed for most of the AM and late PM session. Options expiry this week and earnings continue to throw confusion at us. Until the picture becomes a little more clear to me, I'm keeping the powder dry.

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