Wow, I can't recall the last time I felt the near-term was such a mess that I went this long without even attempting a string of near-term calls. We've been stuck in a trading range all year, so at this point, it's very easy to overstep one's bounds and try to read too much into the pattern, which is why I haven't been terribly aggressive on calls lately. Eventually that will change, but until then, patience remains the order of the day.
SPX couldn't make a lower-confidence pattern if it tried:
In conclusion, this is the part of trading/analysis that just isn't much fun. We sometimes have to wait out the dull weeks before the market turns clearly actionable, but that's just the name of the game. As long as we preserve capital during these times, we'll be in good shape when the harvest comes. Trade safe.
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