We laid out a good market road map in After Hours with Option Addict coming into this week. I think prices are likely to come in from here, and we’re using the Russell again as our guide.
On Friday, it was not interested in taking out Thursday’s high with the rest of the indices. Not to mention, 1119 is the point of control in the Russell in terms of its year long range. That’s where the most volume has taken place, and we saw multiple rejections (anxiety) of this last week.
The index is red again today, and was down nearly one percent shortly after the open. I’m targeting the zone outlined below. If we see a positive divergence there by mid-week, I will take off my TZA from Thursday and take on some new longs.
Correlations are breaking down, and volatility is contracting here. These are the necessary data points that will set up our desired market environment moving forward.
I took RHT Nov calls, a weekly in GOOGL, and thinking about taking shares of PCTY.
More later,
OA
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wow, TSLA showing some cracks. I never felt so guilty.
You are a buyer at $225, right? Isn’t that where you said you’d buy?
Nope, last week was asking if playing downside to 225 prior to earnings was a reasonable trade to attempt. I don’t really wanna play this over earnings. My position expires end of week, earnings is 11/5.
out for 165%, holding for about a day, exceeded target, but not going to get greedy.
since you bought RHT, what do you think about Z. pattern looks similar.
Not seeing the resemblance.
TWTR looking pretty similar to the last earnings play.
Sitting in cash, and just watching…but shopping. VEEV seems to have the look we like…
Unc. with you on that.i can’t buy until my bullish outlook is confirmed or negated .VEEV does look good on a retrace and its in the sector i like.
VEEV on my lists this week. Love that one.
biffer – would love to read what other tickers in the sector interest you.
So many have run.Was riding celg and isis and then sept. selloff came.List is a work in progress but your veev sure looks tasty.
Tough to short this market man. Good luck with the TZA guys. Still can’t get myself to commit much capital to this market given how many headfakes there have been.
Jeff.Studying GNRC which i am long Nov 45’s @ 1.4 On sentiment chart do you see top of anxiety or denial which i’m wishfully thinking.If aversion starting i’m wrong and will exit.
Short term topping patterns forming on all the indices. May get one more push higher but we’ll see. I’m gonna hit this one hard when it set ups.
Way too complicated for me right now. I made some plays last week and now am sitting on my hands
Jeff which googl calls did you buy?
Hopefully the right ones.
For you bio lovers here is an updated watchlist . found cool bio fund with lots of equal weighted stocks but illiquid options.
good IRA candidate? $FBT http://finviz.com/screener.ashx?v=211&ta=0&o=-volume&t=SRPT,AVNR,DSCO,TGTX,XBPT,OVAS,MACK,INO,ZTS,GEVA,CMRX,BLUE,ACAD,OMER,AKRX,KERX,BCRX,ISIS,INSY,CLVS,BDSI,AEGR,VRTX,CLDX
Purchased a nice position on BAS as a long term hold also added to my VSLR today on this strength. Still not playing options as I fear we got another VXX spike around the corner. Oil seems to be holding $80 after Goldman Buttfucked the whole industry today.
That’s all I have on and Congrats to all who got into CYBR
nice Danny – was thinking about adding to my BAS position as well.
When you going to open the Gates of Hell again lapa side?
Jeff –
Are we at the volume pocket in GLD yet?
this piece of shit won’t ever go down. Been holding puts on GLD for some time now
pls. GLD looks like a french quarter hooker..its been doing nothing but go down for some time now
yah, i kno. I meant on the shorter time frame. it was rockin and rolling for a while and now just sucking premium out.
I still remember when chub (bchu) got caught. Still makes me laugh.
http://ibankcoin.com/option_addict/2014/05/21/this-all-resolves-today/
No.
Took a flyer on WUBA puts into earnings tonight. Relatively cheap given the possible downside.
short NQ 4033.
bossy move chief. i had to buy some vxx here, id stop under mid 32s
^RUT looking incredibly strong today. Was positioned according to Jeff’s plan outlined in the post. But this dam mkt is holding up fiercly.
Thanks for the trade in CYBR, OA great call!
out -2.
might have bailed to early. This thing is getting close to a nice sell off.
nice call on that cybr btw OA
Thanks. Nice to be in a top performer again.
Hmm, UUP chart on finviz looks precarious to me.
Why isn’t Jeff beating the drums of war on CYBR? Holy shit, nice move out of nowhere.
Dunno – sucker is still going up – maybe he had to go settle with the devil
This is why (taken from http://ibankcoin.com/option_addict/2014/08/13/nice-call-in-pandora-dan/ ):
ption AddictAugust 13, 2014 at 1:19 pm
I could talk all my shit that’s ripping here, but I refuse. When I score, I don’t dance in the end-zone. I act like I’ve been there before.
Dr. FlyAugust 13, 2014 at 2:09 pm
I still dance in the end zone.
He could also mention JDST and a few others….
Because his calls have been all shit last two months: BAC,GOGO,TRUE,LOCK,CRTO,LOCO,LVS,ZNGA,FEYE,NMBL,MBLY,GOOGL,KORS
All gone to shit and 0
Aww…c’mon Kev. Don’t get so mad.
OA, Still sticking to your guns with BLOX? Am back at breakeven on my common. What say you? or there are better possibilities like in Oil?
Why wouldn’t I? Trade is working, right? If you are antsy, just get out.
If you can’t look at the chart and feel comfortable, you can always go elsewhere.
Yeah you could always go buy the 5k worth of Tim Sykes DVDs and see how that goes for you. 🙂
Is that guy still alive?
Here he is on reality TV http://dealbreaker.com/2014/10/bar-mitzvah-boy-tim-sykes-resurfaces-on-below-deck-gives-crew-stock-tips/
is this morning’s ^rut pullback all we are going to get??: