Thoughts for Tuesday 5/2

Waiting for FOMC rate decision

As usual we stayed on right side of the market. I don’t call tops and bottoms and that’s not the way to make money in the market. You just need to be ready to switch sides and be on the side of the higher probability outcome and when probably shifts you go on the other side. Its similar to any other game, you want to increase your odds of winning and when wrong cut the losses.

Here is what I posted going into Globex. Prior to 10 pm 86 held upside and after 3 am 84 held downside. It hardly gave more than +4 though, but points are points. After RTH open we had same setup. We longed 4188 which gave couple opportunities for 10+ points. Then we stayed out from 84 to 94 chop area and longed again at 4194 which gave 10+ points. We shorted against 4190 in afternoon which kept giving opportunities for 6+ points all afternoon and into globex for now more than 10+ points.

Econ Tomorrow:

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