I know I have spent time this week … waxing philosophic regarding market direction and economic data. But in this market, 30 day market direction is apt to change in a heartbeat. Besides, the truth of the matter, is that no one on this planet can predict the future. Some of us may guess better than others. We identify low-risk scenarios. But that’s all this ever is.
If on were to ask me, you need to now be watching the 1948 level on the December e-mini if you want to encouraged by your long positions (which I happen to posses). If you want to hedge off, or join the bears? The 1933.50 level on the December e-mini might encourage you.
If you were to ask me? I slightly favor the long side. I still hold my longs, but am ready to hedge off, and turn somewhat non-directional at any moment; as my advantage over the market has slipped to 631 BPS.