Nice move! I did not participate in a day trade with the futures, I could have, I should have. The thing is as you know I have quite some long deltas with that covered call play for November. This means that I not so aggressive in playing the upside for a day trade. I have enough riding for the upside.
Today is the day that I halved the loss on the covered calls for November. Quite a feat - I will need to go back in the my journal - but this could also easily be my biggest up day ever. As my wife will agree I needed it. For financial reason and for my mood.
Again I invite you to look at volume on a intraday chart for the SPY. I would say a nice level of commitment in this uptrend. The Tvol on the NYSE is while I write this not yet above average volume, the Tvol/Q is.
Yesterday I explained why this is not yet a non directional environment. A day like today proofs it.
You know I am a fan of John Mauldin's newsletter. This weeks letter, which came out today, is an important one. Recommend you find some time this week to get what he writes into your bones or head (whever your memory bank is located).
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