Risk/Reward Is Here

Yesterday took us to within 6 points of 1242.82. The risk/reward there required me to get in the game to the long side, so I went to work. It took a few tries (one in the 1253 area too early) but I eventually got a position on that felt OK with SSO.

The target remains 1292.66 until and unless 1242.82 breaks. Today's jobless claims and PMI could have some near-term influence (lower), but for now the trade is to the long side.

I tweeted that 1250 looked good on the e-mini futures, and it got hit overnight. That corresponds to the 1254 area on the cash which I think will get tested today. If 1292.66 is in the cards, the market should have little problem getting through that level, so use 1254 as a tell.