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- Today was the day before CPI so we seemed like we wouldnt make a huge move but surprisingly enough we moved a full 1.26% and grinded green the entire day. This was very surprising to me but I still entered my straddle position for tomorrow and we will see if that ends up demolishing my account or not but since today was very bullish obviously people are expecting CPI to continue to be bullish. It is very rare to see a day where we actually move massively before a huge market event so there is some potential that we possibly have a hotter than expected CPI from this massive move higher the day before. It is much more likely though that we move to the upside tomorrow and big money was simply positioning themselves for a large rally. This rally may begin tomorrow with CPI and be furthered into bank earnings on friday. Potentially these earnings might not be bad enough to justify the selloff that happened in the last year and that would be extremely bullish for stocks.
- My only trade I took today was based off of the large wedge that formed on the SPY. Once we broke out of that wedge then sold off through the mid wedge, I used that as a sign that more weakness may come and I took a short right below the 25, 50, and vwap (on TOS chart). The trade was decent and I made 3 points on a day where a 5 point move is quite a lot and sadly I sold very early and left an additional 7 points on the table but I came into the market today being 100% sure that I was taking a 1 and done trade since CPI is tomorrow and chop is very likely. I followed my plan and was very disciplined and that is something I dont want to make light of. As you can see right after that big move I "missed out" on, the SPY recovered the entire breakdown and then slow grinded a full 2 points higher throughout the day. Again this is very strange for a day before CPI so big money must be doing something very interesting.
