All About PCLN #SassyMusings 8/4/14

And I find it so unfortunate that I was not in it and did not participate in the fun.
Very slow start to the day that ended up going much higher. I’m not sure if it was pure buying or short covering, but either way it went up.
If we continue higher tomorrow in the fashion that we did late in today’s session, then it would seem we have struck a bottom; however I don’t want to get ahead of myself and declare that. Call me skeptic, but I want to see follow through.
In some respects I need to give the benefit of the doubt to the bullish case of going back to highs just because that has been the playbook for the last 2 years. We’ll see.
My goal for the next few weeks is to keep things light, by only taking a few very specific trades that can yield a very high return quickly. Today that would have been PCLN had I been in it. As I said I wasn’t.
I tried two trades. One I bailed break even and one I bailed with a small profit. If I can’t see progress made in my trade quickly I am not going to sit around and wait for it. We are in a volatile market so I want to take advantage of big and quick moves.
Here are two open interest charts to keep an eye on. So far the highest calls were a wall. Of course the open interest might have changed today, but for now here you go. NFLX and TSLA

Chart of the day: reversal or not?
Tweet of the day: none
Regret of the day: Not being in PCLN. For real I don’t have regrets. I didn’t do anything against my process and so no regrets besides the missing out feeling regret.

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