The “sell the rip” guy couldn’t be happier this morning, as those that chased the market up yesterday are under pressure into this gap down. As mentioned yesterday, this was the move that hurt the most coming into today’s session.
We’ve yet to see the $NYMO close under -80 yet, but were closing in on it as of this morning. So long as breadth avoids extremes, and growth stocks like SPLK, FEYE and the like are maintaining a bid, I’m shopping to pin the low.
OA
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Yesterday’s hammer on MHR standing out this morning. Tracking JMEI, NMBL and VJET for bounces.
Ouch this hurts… Bought FEYE next week’s calls
Cheifton, where are we buying NQ?
I tried at 4045 but got stopped out. It doesn’t look good now breaking yesterdays pre market lows.
my next buy area would be 3996-3400
3996-4000
I bought NFLX instead.
Long tequila
I just went with PANW at around 97
Bought 3rd installment of TNA. I only have one installment left.
Fwiw: Notable greens right now: GLUU, WUBA, TEDU, XON, VEEV, MTLS
These -1% IWM days are getting annoying.
It’s okay, ’bout to be -2%, variety!
This feels exactly like yesterday
Except this move in the first hour of trade is much wider than yesterday.
Hello aversion – either way, this is going to be a hard move
Now’s the time to see if that buyer from below yesterday comes out of the woodwork again.
TRTC might be carving out a bottom. Green today while other MJ stocks are red.
1980/81 still in play it seems
Epic flip-flop.
i’ve been mostly in cash like i’ve said for a week.
enter the precious metals reversal! the dollar is about to get a smackdown
not a single tick above zero
Wow…GREAT CALL, OA. I got stopped out of my SPY calls 10 min. ago.
Ones you bought today?
Yesterday smells to me of a top as it was clearly a trap. Would not be surprised to see waterfall now over the next couple of weeks. Sitting on hands for now. Again, GREAT CALL.
Waiting for the SPY to lose the 50 EMA, then I’m shorting the backtest.
Short the oversold market has been a pretty shitty trade in the last 6 years.
I will do it ONLY of SPY loses the 50 EMA. And will only do it on a FAILED backtest.
O.K. I think I UNDERSTAND how that strategy MUST seem very APPEALING now that the MARKET is trading DOWN.
lol…sorry for the caps, OA
My $HPJ is fairing well here. And I am buying more cause I’m cool like dat, I’m cool like dat.
I bought them yesterday morning and was sitting on a 20% profit by end of day. Woke up late today. Opps.
This feels much worse than I would have thought.
Not one positive tick since the first minute of the open.
this move looks alot like market wants to cause & go panic. doesn’t look at all like unwind of positions.
It is my fault, I joined for a month to try options and the markets go in the toilet. Maybe I should not re-up and you guys can go back to doing well 🙁
VICTIM
Jewish guilt, happy new yrar for those memners of the tribe, actually have learned so much I definitely will reup
breadth doesn’t looks bad? looks horrible to me. only a small handle of greens today. All MOMOs getting slammed
Liking the bid in NFLX.
Little V reversal on the IWM going on on pretty good volume.
buy NUGT and KOL. Short UUP
IBC called this. We thought it would come. Now what is your plan? Time and pick well.
Bought 4th installment of TNA – here we go.
bottoming tail hammer /NQ 15min candle
Picked up NFLX calls as discussed last night.
I picked up some on around 444 as well – 450s maybe this will make up for me selling AMZN at the lows yesterday.
Fu*k it – Buy NUGT.
the gdow ( global dow ) give some hints on where we’re headed, i’ve used it several times for managin forecast of midterm downside targets and been pleased with
@bood, what time frame?
If “the chop” is designed to rag-doll you until all of the lunch money falls out of your pockets, or you decide to go home, I’m feeling chopped… I still believe my stocks WILL be going higher.
I agree Buccs. I think a key point to remember also is: You do not HAVE to trade just for the sake of trading. It is okay to sit back and watch. I used to feel like I absolutely had to trade everyday. Usually ended up bad for my portfolio.
yes it is
selling my NMBL. Now it can go up without me. This sh!t has been a dog.
A strong dollar, improving economy can and a gradual rise in rates can only mean one thing.
Very aggressive selling.
Feel free to start outperforming at any time Russell…
This Russell’s equal low with the beginning of August is disconcerting here. Might change how I’ll play the snapback rally here. By the way, thanks for the JDST play last week, it was a gold mine for me.
Agreed, the only positive thing that I can think of right now, is this is the type of move that scares/stops out a lot of people.
I would guarantee if this chat room was polled right now you would be looking at an 80% bearish vote
IF we go a week out on the poll, I’m bullish. A month out? Eh.
What does NYMO read now?
So if AAPL continues to drag the NQ down, does that potentially set up a divergence, assuming the RUT reverses course?
pull out your charts of 1980/81 S&P 500. the russell is trading very similarly to this. nothing is guaranteed and like i said yesterday you can’t read too much into one day’s trading. if it follows suit then there should still be one more throwback rally that will wipe out the shorts.
OA will give me shit for this call because he asked us what we thought the most pain would be for a 1 day trade which i guessed a continued rip but the bigger longer term picture of this analogy still seems to be in place.
i’m in cash so i’m biased i guess. good luck guys.
I can only give shit if you flip-flop. I like to see conviction in a call, otherwise the comments become less meaningful.
you asked for a call on a one day movement in the market…i’d be a fool to tell you i know for sure what its gonna do. i look at things from a little longer term perspective and i still see the 80/81 pattern holding. doesn’t really mean much. from my perch cash works until more things can show they can come out of a bottoming pattern.
I think this group might be the only people buying right now. I am getting punished today.
Was that the blow off top in the IBB yesterday?
IWM stalling at the 3 month low
QQQ’s are on the cusp of losing the 50ma. Selling will intensify greatly on the break. AAPL is leading.
gonna be hard to buy this dip but lets see how the NQ handles the 3996-4000 area. The major support is at 3970. I’ll be a buyer big time if it gets there.
BUY NUGT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
LOL
Will the afternoon fade now be afternoon short covering. Watch for tells
maybe we can put a V day tomorrow, but not today…
Yes, I even gave you today’s newspaper yesterday as a nice gesture.
OA, you get the date wrong, right?
AAPL just lost the 50 DMA…bye bye Q’s!
SHORT SCTY @ 60.99
What a great day to buy SPY calls! A strong dollar and improving economic conditions. Circa 84-94 Don’t wanna miss this rally.
short SPY!
(hoping market gods do opposite of what I post. desperate)
Surprising strength in GLUU
just like last year, it appears my entire round of october options will all be 0’s. at least it’s over with quickly.
dam. didn’t work. new lows now
I am long Fly banning the BUY NUGT guy.
There is big money to be made, keep your wits about you. Crouched in the weeds with my shot gun here.
Too much hyperbole. Armageddon? For those of us old enough to remember some nasty down markets, that is laughable. The powers that be want to force a pullback to make year end bonuses. Weak job and DG numbers suggest rate hikes later rather than sooner.
Hey OA,
What’s your strike and exp. on NFLX?
thank you!
is this a good entry for FSLR OA?
TY!
no. unless youwant to lose money
Yes.
Entered Pandora’s box long
i usually disagree with you but nice call on the max pain gap down
You usually disagree with me? Is that just your personality?
no, maybe i just don’t read your stuff enough
good call on NFLX. If market bounces, this should be a rocket
Several issues trying to rally
SPWR just flipped green
We don’t rally until Mr. Keller shows up with an update on his premarket portfolio… Give it to me, Bruce!!!
nq just broke 4010 and got a big responsive buy……+1 for bulls
huh? don’t see it
lol bucs
Great call on today’s gap down, OA.
Jeff, what do you think of GLUU here? It has held up all day and looks ready to roll.
http://ibankcoin.com/option_addict/2014/09/18/oa-buy-gluu-2/
BUy VMW, IBM, MA, V