Today’s market weakness brought no extremities in terms of breadth. This was more of a buying strike than a strong selling fest.
Odds of some chop and range activity increases significantly if no extreme sell metrics are met near a market high. Since the Russell is the only overbought index, I think we get 2 weeks of chop til the rest of the market catches up.
I am long the NQ_F as of 4521 to try and make that point. I’ll deal with everything else I am sitting on selectively.
Enjoy the rest of your day and don’t forget that your positions might look different tomorrow.
BTW: GET YOUR FUCKING NYC TICKET
OA
If you enjoy the content at iBankCoin, please follow us on Twitter
how can someone NOT BUY NYC TICKETS when you ask so gently????
OA – not sure I understand your disdain for BABA. I haven’t been keeping up with your trades on it, but it a lot like that falling wedge pattern in Z that just broke out of.
Also, I don’t want to change my screen name….
AriBama,
Just frustrated. I want to rub the winship in this trade I have on right now, all up in the face of a very vocal dissident.
Nasdaq intraday high in 2000 was 5132.52. I suspect we close below that level today and see much lower prices in the coming weeks. The hot money last left for the Hamptons and will not return until after Labor Day.
…BABA also looks like aversion on your sentiment chart, IMHO
You make it sound so simple, AriBala.
I believe that is your job, sir.
It is. Let me complain once in a while.
And I will respectfully consider AriBama.
lol…
Was just a play off my refusal to type that ticker.
Looking to go flat into the bell. Hopefully we go out on the lows.
Took off everything but 1 short ES contract for some nice winship. Still think 2097 will be touched.
Someone on stocktwits calls themselves OptionsAddict, but it isn’t you.
I’ll have my lawyers contact him. How many followers does this perpetrator have?
lol 106
I might have less followers on stocktwits…hahaha
Started long term position in $ACC in case risk abates some in the interim. Also interested in $HCP or $HCN (favoring $HCP so far), but the interest rate risk is a bit greater since the aren’t turning over rents every year. Between those and my over-exposure to the housing sector (esp. if you include $Z on a technicality) then I think I have made myself a bit if a real estate man here.
KBH and BZH leap calls now up huge. I should give up front month call trading and just let these ride. Call it a year.
Only way to trade homies. Slow ass, punk ass stocks.
Len wants higher
My thoughts exactly. Why try to outsmart the choppy tape on a daily basis when you have these two lovely positions – just tap out and let the winners do their summer thing. Sun’s only out so long in my neck of the woods.
The time of $BABA has come, +2% close cast! :-p
Bot IL, FMSA and ANGI.
OA, did you dip your toes into CYBR or watching for strength?
Yes, I did.
thanks OA.
$TRUE-ly stressful position, need to take it off my screen and let it decide where it wants to go rather than try to make sense of its movement. Though I am in that grey area where I can still recover some premium if I jump now.
Trying more Z here in the low $89’s. Bought some yesterday at $90.9. I think this setup is similar to the setup in LNKD last May/June.
Back in May 2014, LNKD dropped 45% from closing high on 9/11/13 to closing low on 5/6/14. It had a small bounce over the next week, then gave back most of those gains, then rallied 91% to new highs within 9 months.
I’m betting the same type trade occurs with Z, assuming it can hold recent closing lows of $85.7