What’s the pain trade here?
Bears got put on skates yesterday. We’re pushing up into the late asshole buyers from late last week. The longer we hang around here, the better. However, I am trying to gauge sentiment for what the next move is here and it seems like both sides are still relatively engaged.
My upside targets on NQ were met and I booked one of my biggest wins in it I’ve ever had. As I mentioned in After Hours with Option Addict Tuesday after the close, I went in and started buying up Nasdaq, Nikkei and Crude contracts. Has been an incredible week.
From here, if we lose 1960 on ES, look for 1935. Here’s your range. Play the tips. They’re getting pretty narrow.
J Livermore, very kind comments in that last post. Thank you, means a lot.
Hey man, I’m not blowing smoke.
“Just the tip(s)”…
Haha Unc, I actually used that line, only once in my life, I was in ninth grade. It worked.
LOL! Too good. Did try it as well – struck out.. Thought of you while peeping TSN this morning – btw.
DIS slide just getting started….ESPN is major liability and will weigh shares down in spite of Star Wars – target low 90’s
OA, I know you’re in FEYE. Are these types of stocks, CYBR, languishing on their valuations? I would think in up markets they’d be flat to up as opposed to down. Do we need some sort of security breach news before we get movement? Nice advice on GPRO. Saved me 15 points to the downside. Thank you.
Zoom out on FEYE and view all its history. This is what you want it to be doing here.
Doesnt this have a wall of worry type feel to it. Sentiment wise.
SPY looks like it sits at that dip in Denial to me… Maybe? http://ibankcoin.com/option_addict/files/2015/07/sentiment.png
Good call. The charts definitely appear that way. My observation is based on what I see on twitter and stuff. People seem worried that bad news comes and prices are doing the slow wall of worry type movement. Not the explosive return to confidence type.
looks to me like we’re in denial on the shorter time frame…
Mr. Boulders – good to see you. Yes – I dialed it down to 30min for definition http://i.imgur.com/KDx400L.jpg
Hey UB – i hope you weren’t disparaging those of us north of the border, in your post on Fly’s last blog entry… 🙁
If Discouragement is lower than panic, though, and I think we never got lower than panic, can it be at denial yet?
Way to kill it in futures OA. Still sitting mostly in cash here
Doing a Caitlyn and switching sides. Got the entire account in DIS Puts.
If Bruce Jenner went missing would they put his face on a carton of Half and Half?
Missed my ES short. Order at 60, they only sold for 59.75. FML.
Wonder if we finally get the flush to new lows on Gold. It was looking so good on the long side a few days ago which I really thought was to suck people in.
OA,
You think I dare let my SDS run into tomorrow?
Put/call ratio is 1.8 according to CBOE. Average since 2006 is 1.23. VIX is high meaning cost for insurance was in demand and people paid dearly for insurance.
I’d say a slow and steady grind higher, or consolidation then a fake breakdown to trap even more bears before a rip higher prior to September expiration.
FWIW optionpain.com is saying Sept SPY paintrade is to 204.50