I was patient yesterday. A little too patient. No longs. Instead, I scalped shorts on the ES feeling we would have another test of the lows. That the test didn't materialize until the aftermarket session doesn't matter. I'm taking the shot here. Long against 1,200 on the cash index (I take levels from the S&P cash index and not the futures). 1,200 will be my stop. Under there, I would be second guessing the idea that we're heading for another near term high over the next few days.
Metals are up well so far this morning. Risk seems to be coming back on.
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