It's a Beautiful Day!!

Well Traders, "It's A Beautiful Day," as the $NDX confirmed my suggested weakness yesterday and took a nice $21 point dip. The index is now at $1,777, almost $75 points from my Bear Call spread...nice!

By looking at the STO, it looks like a downward decent has started and we may see a couple of more down days on the Index. Couple this with Options Week next week, which is usually Bearish, and it looks like my Decemeber Iron Condor may pass the smell test. We'll have to wait and see.

Notice how the Index has fallen through the Ascending Channel? A fall below $1,761, and then through $1,750 would indicate that a peak was achieved, and we may be looking Bearish for awhile. This will help my January set-up greatly. But before we get too giddy about that, we need to see how $1,760 acts as support...it bounced here last time on both 11/28 and 12/1.

Happy Trading!