I will be brief here as I am Jet lagged back from Europe. This is not your mothers QE induced bull market anymore. This is a bear market and the Primary trend is down. Before you want to be a hero and BTFD today. Ask yourself this question: “Do you feel lucky?” This will be a multi day event and I think we get a tradable low sometime next week. However it could be at 1700 or 1500 SPX. This is a Rich man’s panic as the big levered players continue to unwind into this morass. Credit was not fooled by the equity rally this week as it continued to widen. Stay focused and watch credit for it tells you if a move is real. Also take a look at the USDJPY move today as it just broke out of a pennant formation and is likely headed much lower. The carry trade folks will be dumping US stocks today.
If you enjoy the content at iBankCoin, please follow us on Twitter
Joined May 7, 2014
165 Blog Posts
Amen!
BlueStar aka Debby Downer – say something nice?
Buying panic because you know, bad news is good. I’d sure like to see a move back above 2000 to short.
I felt extremely lucky seeing esz5 dropping after jobs report.
I held spy 190 puts in size overnight and added more about 10am est. Then, I sold a few 183s at 1.37 and soon covered at those at 1.03, with the expectation to reshort at 1.40 or higher at a ratio of 1:2.
I was gleeful.
The chance to reshort never came and the chance to exit the long puts passed too.
I don’t but those boys on the corner a few blocks away, you know, fly, oa and that crew. The same ones who come over here to laugh…maybe, just maybe this rally continues.
This thing twists & repostions words
I failed to include that the spy 190 puts are oct expiry (monthlies)
IW40, I’ve come here only to pay my respects to this guy. Please don’t confuse me for anything other.
Yea IW40. Nobody, and I mean nobody better misrepresent Le Fly or Option addict. Anyone who does will be hunted down to receive a proper ass kicking.
@Options Addict, Thank you. I stand corrected. BTW, I have been reading ibc since 2007 and enjoy Fly’s wit and sense of humour.
Although I’ve traded futures & options, I am an investor and only recently began reading your posts and also Bluestar’s.
Both are informative.
No offense, I admire your work as I do Blue Star’s
@J Livermore: grow up
iw40, OA, J Livermore:
Boys can’t we all be friends? I sit down to watch the 1st season of true detective and don’t look at my blog for the day and a fight breaks out. IW40 I really couldn’t understand what you were saying. But anyways I have done some work and this rally (if you define days as rally) will end soon and pain will be inflicted upon both bears and bulls. Bear markets don’t let bulls or bears make money. Most bears can’t stand rallies and they cover and after they do the market decides to roll. Its what markets do. Screw all participants. I am focused and have my eyes on the prize. My P&L swings like a chimp on crack swinging through the trees. The only way I get hurt is if I hurt myself. As I said in a previous post fear is the mind killer. I have no fear because I know we are in a bear market. And knowing that these rallies are only opportunities to add more shorts. When we roll I take some profits for fuel to add in the rallies. My core short is from the may highs. Nothing can shake me from it. I will Blog later about how thankful I am for this rally for in it is the destruction of the bulls.