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Happy Hour Recorded Session 8-26


You can get the recording here.

I'll add some notes at the bottom of this post as we go along.

Short term ES is rangebound from {1020 1034}

We're seeing extreme tick readings on both sides without confirmation from the futures market

We're coiling up from this week, we've got GDP and Jobless at 830 EDT (asia, european markets down as of this writing)

No rush to enter trades this week, mixed market

There's some seriously overbought sentiment indicators (short sellers, investors intelligence, %above 200MA) that are at huge extremes.

FXI had a broken wing butterfly put on by a whale (10000) here's the trade: BUY +1 BUTTERFLY FXI 100 OCT 09 39/36/34 PUT @.55 LMT --> it will cost .60 to get in.

I like the FXI trade but we've got backspreads already on.

by Steven Place

Steven Place is the founder and head trader at