200 DMA

The market played a nice trick yesterday. While probably everybody (myself included) was waiting for a pierce of the 200 DMA to go long, the market reversed just about 1 tick before touching it. Now it has everybody chasing it if they dare. I will have to apply Tuesday's motto again.

I got some longs yesterday around 1257 (September contract) when I saw the market coming back up after the initial drop to new lows, but just 1 third of a full position because it was quite late in the session. I will look to add today after the release of the University of Michigan Sentiment number at 10. There is still a risk of a sell off because the market doesn't just come this close to the 200 DMA without breaking below it a little, but I think this will come after the Fed meeting next week.