Founder’s Room Notes – 9/30/2022

9/29/2022 – Summary we were in at 3632.25 and out on a trailing stop at 3658. All Founder’s Accounts are 100% Cash.

Good morning: I will leave the 15-Minute Algo Chart Up. We are still looking for a short-covering rally possibly kicked from behind by the Fed Plunge Protection Team. But we don’t have a solid buy yet. No day-trading today as it is weekly and quarterly expiration, combined with the last trading day of the calendar quarter and month.

We do have a cradle buy signal on the 15-Min Algo at 3640.25. I took a couple of contracts but I know what I am doing and this is still a tough kind of day to trade,

Target is 5-EMA at 3685 in an ideal world which this is not. So far there is resistance at yesterdays halfback.

I am out on the first contract at 3671.75, moving stop on second above break-even and trailing two ticks under the algo trigger on the 15-min chart. The 5-day line target has moved up to 3695. So I have a limit order to sell at the target and a sell stop at 3656.50, moving higher on each 15-minute candle.

For those not on the room’s mic, we decided to exit the second contract at 3676.50 and wrap it up for the day. I will come in near the close and monitor for a swing buy signal – if it presents.

I think we will stand down today and see what develops on Monday. The Russian annexation of Ukraine’s four provinces and Ukraine’s application to join NATA are throwing the markets another monkey wrench. This is a crazy time; if the shorts start making money today, our short-covering window expires. And if they run the shorts into the close like last week, it still leaves the market hanging around the recent lows – a cliffhanger. Enjoy the weekend – keep your families close and safe. A.F. Thornton