Folks were jamming out of all publicly traded stocks and high-rise building windows yesterday only to turn around today and start nibbling back into said stocks because today’s prices are much more attractive than they were yesterday.
WTF?
In yesterday’s After Hours with Option Addict discussion, we talked about the lack of fear and extremes into what ended up being a 2% rectal rout in stocks. Today definitely confirms that element as stocks slowly drift higher off their lows.
The groups to watch for a change in overall market attitude are the $IBB, $SOX and $IYT. If these don’t recover their bear raids from yesterday, this is a big concern going forward. I don’t think a simple “rotation” keeps this trend in tact. At best, if these sectors don’t recover, we’ll likely see another choppy range like we got back in January.
Keep it simple here.
OA
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anyone thinking short crude at these levels here?
Yes. I took a short position this morning.
IBB bout to recover that bear raid unless seller takem out here
IBB, SOB .. damn ..
Hi OA, can you guess weelky close on IBB .. back to 350
ICPT WTF??
Post-sex crack sesh with rahagar’s mom tonight, I presume…??
regardless, this is not a friendly option environment.
can anyone suggest a tool for watching intra-day breadth on the majors? thanks
you familiar with NYSE TICK? If not head over to http://traderfeed.blogspot.com/ and look through the archives.
That site is a gold mine.
I’ve always used $TICK.
http://stockcharts.com/c-sc/sc?s=$TICK&p=5&b=3&g=0&i=p88776123603&a=191691092&r=2218
Let me know if this link works. Got it from breakpoint trades. 1 minute tick Sox auto refreshes with a MA. Easy to understand and trade with
what does a TICK do? How do you use it? I see a rough range of +1000 to -1000.
I vividly remember looking at TICK on my QuoTrek. That device and the information it provided was amazing for a non-industry person to have at that time.
http://breakpointtrades.com/market_lab/index.php/content/dynamic_stockcharts/
Oops all dynamic charts here. Free. I use these pretty regularly
thanks for sharing.
thank you for that help
Looks like the market is trying to deliver the flat day you were dreading. It knows!
that’s the pain trade!
As long as we don’t end on the lows of the day like the last 3 sessions.
Up from here. Strong reversal candles off lows in the indices right where they needed to hold. Bottom is in.
Lol
Added to YY long just before the close.
No fear in this market yet
Serious question; How do you manage day trading size? Clearly you want liquid names, but would love to know your thoughts on the matter
100+ contracts
A few potential tickers of interest for those shopping for longs. $ITUB coiling up on the lower end of it’s falling wedge, $GWW, $PNR, and $CNI all tightened up from the last time I looked them over. But I do love the look if that $MS too.
KORS looks very interesting down here, fundamentally and technically. What do you guys think as far as the chart goes? I see some diverging momentum readings from the downtrend, potentially signalling the end of the move down.
Long the Russell, and its finest