7:15 AM
The pre-market is up huge again, as Fed will cut rate on 12/11 meeting. Since this time, the news is out earlier than usual, "buy on the rumor, and sell on news." So this is my thought:
1. For a mid-term period, SP 1490-1500 is up resistance level, I expect the market to touch this zone, and go back to test the low 1420-1400.
2. For the short-term, since I was on the wrong side, basically, I have lost all the qualifications. So I have to stay away from current market, and just wait.
3. This market is going much faster than I expect on each direction.
Here are some important data:
1. SP 1490 50%, 1510 61.8% of this re-bounce up level
2. QQQQ 51.83 50%, 52.59 61.8% of this re-bounce up level
I won't take any action before those numbers get violated: SP 1490 and QQQQ 52.59. If the market carries its way too much, I will buy SP put in my zecco account on spy's upper bb level, which is 149.6 for hourly based trade. Again, short-term, very short-term.
A good trader is "看空但是不做空"
11:00 AM
I did buy put on SPY at 9:45 AM - 2 contract, very small position. BTW, I believe RIMM is forming the diamond reverse, once it drops below 115-110, it will go to 81.
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