The last thing you thought you’d see today was another gap up. This was my pained trade scenario.
Thus far the gap has brought some selling pressure, with the Russell leading down while the S&P and NASDAQ churn. Identical action compared to yesterday.
The good thing here is that you saw this pattern yesterday, and saw the close, which makes you feel like the last thing you should be doing here is buying stocks. The shorts that rode into the bell yesterday, predicting mass destruction today, awoke to a small set-back. However, they too saw yesterday’s close, and they are willing to hold out and endure til the end of the day. Perhaps even press a little here.
Watch for a late day rally and another gap up tomorrow. Thinking it starts around 9:23 am my time.
OA
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Well played on time stamp; must be an avid reader of the BlueStar fellow
He and I chat often. I like him.
You are Pacific standard time right? Lol. Had to check
(bad) News cause a good buyable dip? I bought some $AAPL $110 calls
maybe I shouldn’t have…
If it does end up today, I’ll be happy because they I can get back in to my UVXY at a lower price.
ETSY tempting here @ 13….thoughts?
Sticking with cash like I have for the past week or so more or less. Good luck guys. I hope you kill it. I’m gonna wait for a better low risk setup.
I hear you – only playing with small amounts here and am sitting on my hands now.
Hey Jeff, was just curious how you guys were playing GLD in the room. I have had puts since i mentioned it here. Are you guys in stock or puts? Just wondering. The IV bump since I have had them has been nice.
Been short GC since Monday. 1153.
nicely done. I am getting futures access on my account but gonna be very very careful as I dip my paws in it.
You have a target for this leg down or just day by day
My target is two months of chop.
haha. gotcha
Modest $tna position from $61 per my earlier comment.
Good entry – if we are going to rally, that last dip may be the beginning. I am keying off of it as my AAPL trade is wrong if it breaches 105…
That’s what I was thinking. It’s an easy spot to try something, because I will know I’m wrong quickly, and there’s room to move if we’re right. Good luck with that AAPL. I am shopping for a spot to get my long term $$$$ back into it.
I want 1860 today. Sold that SPXL for a very modest profit with intention of probably buying back at just above 1860 (if we hold it)
Back in $SPXL at 67.38. Really like what I am seeing. wanted lower but I think we may have the set up I want now to test upper end of range.
Melting down all day.
Another sell off into the close.
Looks like you were off by a whopping 10 minutes on your call for a bounce. Regarding tomorrow, wouldn’t the pain trade be a rally into the close only to gap lower at the open?
This follows through tomorrow. Trend day off the open.
Look to short this range not long after the SPX takes out 1960. Failed movement is your best signal for the next month. Bulls will feel pretty confident on a move out of this range.