The theme of the day was the reversal of the 20SMA on daily . Let’s take a look:
Crude ($CL_F) reversed on the 20SMA
$IYR reversed on the 20SMA (another HCPG pick resistance short from our newsletter last night)
And the freebie we put out yesterday on the stream $LNKD 73.2 short which set up great at 74 today for a nice smooth ride to 70.
Range bound strategies rule right now — we’ll see if that changes post Jackson hole.