The market is experiencing more weakness on Thursday, October 19th, 2023. Futures were down significantly overnight but surprisingly recovered all losses prior to opening. Unfortunately, after opening the markets slipped lower ahead of J. P. speech today at noon ET. We can only speculate about how Wall Street will react to his speech. The market may not like it and we will move lower, or they will cheer it and we will see a sharp rally.
All indicators are weak today and point to lower trading. We are bearish again.
This didn’t impact our yesterday’s trade. We had a “crumbs” Iron Condor, and it was in the safe territory, so it expired worthless despite the selling. We also opened a new Iron Condor with tomorrow’s morning expiration. If the trade stays inside the green box in the chart above, it will expire worthless for a full profit too.
Leave a Reply