I picked up $LABU as discussed earlier. I think the bio’s will avoid new lows after today, even into broad market weakness.
I bought short dated calls in $NFLX, and NOV calls in $CYBR. I am scrambling to pick up 1 or 2 more from the names indicated in my post at the open. Keep an eye on the comments for specifics.
This action on my behalf doesn’t indicate that I think the market has bottomed today, FYI. Our theme this week is divergences and I will hop on to explain this concept in better detail later tonight.
OA
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Healthcare needs another 9% drop to be healthy again. But not a bad idea to get some quick profits here while it grinds down in fits and starts.
C’mon HES, bleed out. I’m waiting…
trying some $WYNN calls here
Why?
Oversold bounce play. Why else would you think?
AA retested opening gap and held
for now
Grabbed a whopping 4% position in FCAU at the close. Now down to 96% cash…and nervous.
mmm that mega gap open @ 10$ ..
http://www.marketwatch.com/story/fiat-chrysler-labor-contract-in-doubt-2015-09-28-174854423?link=MW_home_latest_news
The old girl ANGI got a little love on this down day
I like the way JUNO has been trading since the crash – buyers keep coming in.
Almost bought this at the close. Will buy tomorrow with the sale of my $BIS.
did you end up selling BIS at eod? or selling tomorrow morning.
So we’re down because of China, but Shanghai and a lot of Chinese ADR’s up….
doesn’t feel like just china anymore
OA, how about BABA ? Are you adding more or already full position ? Thanks.
I don’t want anymore $BABA. Maybe in a few months.
Can I ask your average price for BABA? Thanks.
Much higher.
#favorite. I think all of us long term holders have much higher average price. lol
Can I ask that if you believe we likely have not bottomed yet, don’t you think biotech would fall along with the rest of the market when we re-test lows? If so, then why get into $LABU today? Just curious your strategy. Maybe this is just a 1-2 day bounce play?
Obviously no, or I would not have bought. Watch how it trades this week.
ok. just didn’t know if it was a quick dead cat bounce type of trade. thanks.
I think they may have bottomed today. We’ll see if they follow the market down or not
From my post above:
“I picked up $LABU as discussed earlier. I think the bio’s will avoid new lows after today, even into broad market weakness.”
you mentioned you are looking for divergences this week – seems to me like bio’s finished a little stronger than most of the indices in terms of being a bit off the bottom of today’s range
Yes, I think biotech bottomed today.
Hi Jeff,
I think so too ..
http://charts.stocktwits.com/production/original_43272212.png?1443485597
An observation on the $SPX Monthly bars. Going back to the 80’s there have been a handful of Bull corrections that were built on big sell bars like we had in August. It is about 50/50 on whether the following month breaks the initial low… but it has been 100% that the 3rd month at least breaks the 2nd month low before reversing. The third month has broken the initial low in all but the ’87 correction.
http://imgur.com/j2pkDc1
If the pattern holds then our final reversal low wouldn’t be in until at least Thursday (1st of October). If you’re a Bear then throw the pattern out the window, because it doesn’t hold in Bear markets….
For those that use the 10 month MA, as mentioned earlier as a sign of a bear…all of those instances reversed under said average.