Over the Fed announcement we discussed how the last price print prior to the announcement is an important reference point. Let’s go back to the $SPX/$ES_F. We’re in pursuit of that price mark here today.
This value is 2059 in the ES_F, it is 2067 in the SPX cash index. Until the last hour or so, market breadth had avoided any extremes. In other words, this all felt like a lack of buying interest. For the health of this trend, these upcoming price points are critical levels to hold the market up. If they fail, time to adjust strategy.
For now, I’m looking to initiate a long at the above prices.
Note: The NQ_F is sitting at its pre-Fed price right now. First one to touch down.
Top Stock Idea: $BABA holding up incredibly well here against this tide.
OA
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Ha!
Started reading this and for a brief moment I was thinking this didn’t sound like Fly.
No talk about murder or orbital cannons or throwing people into manholes.
Then I saw the byline.
I thought maybe Fly was becoming a chartist.
$BABA green #giddyup
bought BABA – thank you sir.
Yes, BABA !
wow. 2 pts away from that 2059. such a fast move this week
/ES just about touched it. Buyers defending, but need to see more volume.
Picked up some BABA at 83.65
bot /TF
bot IWM 23.5 calls
stopped out for no gain. Short /GC
@gasman, took a look at the volume in $FEYE, and I agree, it looks like there’s room down to $35-37 range, so I may bide my time on that one. Also, $HALO puts are not that expensive (relatively), and there is a massive pocket from this point to $10. $ADXS is another potential. I did a quick scan of biotech in descending price/sales to find a few ideas, and was also looking at the charts for potential volume pockets below. Starting to poke around for others that may fit the type. I should have some time to do it tonight and put out any more fleshed out ideas.
Thanks for ideas TJ. Timely since I just booked my GILD puts from yesterday.
Out iwm puts. bought baba with u all. Apr 85s
NQ VPOC shifted down to 4353.5…yesterday this meant trouble. So far we are getting ugly breadth but NQ holding up decent. Good spot to tie on some defined risk
Out the SPY puts
Long DIA calls
I see what you are doing over there.
You like JDST?
Hi OA,
GILD Good entry ?.
CELG looks good
How does the TICK look, OA? Anything worrisome? GRPN looks really strong today.
It was pretty strong until about noon ET, which is where the market started to base.
Thanks, OA. Looks like gasman is correct. The late buyers are all dumping at this time. A ramp up tomorrow will probably frustrate everyone.
Bot some spy put yolos if we crash. Like how Wynn held up, daily has higher low,