I bought this dip today, and continue to like the theme of IPO stocks.
CTLT is next on my radar.
OA
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Joined Aug 2, 2009
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Cheifton commented on your last post “I’ve been trading around 10 years and I’ve never seen a market go down and back up so fast and by so much. Hard to formulate a solid plan until things settle down.”
Good point.
I’d say only the flash crash, 2011 credit downgrade, 2008…. 2009 are comparable in terms of speed and degree of market “f*ckery”.
Flash crash and credit downgrade were epic counter trend shakeouts of longs. 2008 had some wicked short covering rallies that trapped more longs. 2009 trapped longs then shorts and then went on epic run from the bottom.
It’s pretty likely this move last several weeks and months is trapping someone, but jury still out on whether this is a shakeout of longs or shorts or both. So far I’d say a lot got trapped on both sides. Either way not that volatility has come in a bit, I think you will eventually see a major move in either direction so I personally think that it is worth trying to play it and hope you can ride a massive directional push. I’d say in this particular location you can play it as if you have the “right shoulder” forming in $INDU and $SPX and possible double top setting up in nasdaq with Russel’s actions a bit confusing. Not a bad spot imo to manage a hedge against longs or even directional bearish bet at least until the left shoulder’s high breaks.
If you are bullish this is an epic V reversal just starting until proven otherwise so having a little skin in the game on both sides (particularly if you bought from lower and now are hedging higher makes some sense to me. Volatility is still a little pricy so I’m keeping positions close to 1-1.5% (instead of my usual 2%) and limiting the number of positions a bit.
Very true. This is why we compare market speed to former years to get folks to truly grasp what they are up against. Unreal action on both sides.
Bought first set of options since August. TZA calls and CLF puts yesterday…Embarrassingly small positions. I could hear my online broker laugh at me through the computer.
RWLK .. stock .. rather than option?