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Looking at a zoomed out 3-minute chart of the SPY of today’s action, you can see that the bulls have been extremely weak in mounting any bounce attempt. As I noted earlier, the huge gaps we are seeing on major daily charts, such as the Nasdaq, is menacing enough to the point where you should take them very seriously. Breakaway gaps, if true, are no joke and punish bottom-pickers like there’s no tomorrow. I know the temptation is to look at the intraday price action and declare that we are basing before a late-day rally, but the bears deserve more respect for that given the trend day lower through noon. Rather than forcing the issue, you are better off studying up on strategy and techniques, looking through the archives here at iBC.
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Well said. Better to be safe than dead.
but if you are dead, you feel no pain !!!
now I am hurting badly like a son of a bitch …
Chess,
Need your thoughts on two trades:
I purchased a Google December 580 straddle this morning.
Also looking at buying a straddle on WYNN before today’s close.
Let me know your thoughts on this, good, bad, or otherwise.
Thanks,
Mary / NYC
I understand your thinking with the straddles, looking for a big move. I like the WYNN straddle better than the GOOG one. WYNN looks very vulnerable to late-stage base breakdown. GOOG holding up well all things considered.
Thanks as always!
Anytime. Hope it works out for you.