The stock market was having a bad hair day, with turgid price action that could not have satisfied either bulls or bears. We pondered a ‘mechanical’ trade in the E-Mini S&P’s that began well but ended badly. Although the setup looked good on the hourly chart, the five-minute bars revealed some problems that we might have noticed if only we’d looked in the right place. There’s also some material here on calculating options price without using a mathematical model.
