Well Traders, there is a battle raging on the $NDX. Today, the "Great Wall of $1750" was breached intraday and that concerns me. I only have one more line of defense (around $1,761) to slow this advance before I will need to think about making some adjustments. It feels like the "Battle of Helm's Deep" from the Lord of the Rings epic. I am drawing my "line in the sand."
The day started great with the markets down and my Condor seemingly getting a reprieve. Then around 2 PM, when the Dem in Montana was declared the victor, and President Bush announced that Don Rumsfeld was resigning, a spark was lit and away we went!
Fortunately, the "Great Wall of $1750" held once again as the $NDX finished at $1,749.75. The index has breached this wall twice in two days, so I am not sure how much longer it will hold.
I have noticed a possible new trading range which I have highlighted in light orange. It may be nothing, but the index has seemed to rattle around in there. I'll keep this box until a breakout occurs.
I am still $35 away from my first roll point and at this pace, I may get there by the end of the week....ugh, NOT what I had hoped for! Hopefully, we'll get a couple of down days before the weekend which will allow me to burn some time value off. I am also still over $70 points away from my upper strike price ($1,825) with about 5 weeks to go, so with earnings season winding down, we'll see if we can keep the dogs at bay and pull out a winner for December.
Happy Trading!
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