Big picture:
Moving the Market
-- Stocks drop into negative territory after ISM Manufacturing PMI for September unexpectedly declined further into contraction territory
-- All 11 S&P 500 sectors trade lower; weakness in growth-sensitive areas
-- Treasury yields reverse course and are now lower, gold futures increase in value
Technical Analysis:
$IWM going G/R on the day, snapping a key support lows of 152/150.50/150 on the daily chart. Next area of support/target 149.37 from Sept 5th 2019 and gap fill at 148.01 from Sept 4th.
Thesis:
-Selling pressure not easing up on the tape.
-As long as price stays under 149.37-149.50, short and trade2hold for the gap fill.
-Getting in so late on the downtrend is worrisome, initial idea is to scalp since I'm late to the party. Leave a bit on and if the gap fills, I'll take it as a bonus.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-10-01 13:17:51 | IWM | sell | $149.230 | short |
2019-10-01 13:21:39 | IWM | buy | $149.100 | short |
2019-10-01 13:39:02 | IWM | buy | $148.700 | short |
2019-10-01 14:01:38 | IWM | buy | $148.290 | 0 |
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