Heavy put buying in the morning along with the strong down move in the market is a setup for the market to continue moving down today, however, there needs to be a new low made every 3 hours to confirm that sellers have orders to keep pressure on the market.
Strategy 1 - if no new low between now and 2:50PM - then buy and use a stop under the low of the day. If stopped out - go with that new low and go short - stop out using a 3 pt stop and lower that stop down to breakeven after ONLY 15 minutes.
Strategy 2 - if a new low is made between now and 2:50PM, then go with that downtrend and risk 5 pts to make 7 points on the ES. Lower stops to breakeven after 30 minutes.
Tim 2:31PM EST
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