I waited today for 8:30 news before initiating long on ES. Unfortunately the retail sales news is better than expected. The price I got was 719 (March contract). I exited the position at 729.25, hoping for an intraday retrace to 725 to re-enter long. Alas, did not happen and I never got the chance of re-entering long.
As of 1pm, ES intraday high is 739.25. This has already meet my original objective thus the long term money will be on side line.
Scalping wise, I expect a small retrace near closing. A small short opportunity for a few points.
I also covered the ES 725 short put. The put is already in money and will be dropping slower compared to the index and the risk of holding the short put is not worth it.
The outlook for tomorrow is still positive. However, one should consider only scalping long at current price level. I see no sign of initiating longer term short yet. I will consider shorting April ES call at extreme price level.
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