As mentioned in my last post, this isn’t the bottom yet. It is for a few select stocks, groups, and other instruments, but the bottom isn’t here yet for the market. Most importantly, the Put/Call ratio at 158%!
They’re buying puts into this rally. This is the final trap that needs to be set, and that is to engage all bears at the bottom of this range.
If you are trying to buy leveraged instruments, please wait to do so until prices are in the dirt. One more round of dirty prices lies ahead.
OA
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Great stuff, OA. Nice to see you not only caring about the AH w/OA peeps but the blog readers as well. Fly knew what he was doing bringing you on board.
Thank you.
Gotta give ol’ lplongo the +1
+1. Raising a toast for OA
This is the scenario I am definitely playing for. Don’t oversleep the open this week.
Right on. One can never get it wrong by being patient.
OA, I heard put/call ratio is contrarian indicator to incur max pain.
What do you mean?
Doesn’t high put/call index (Put/Call ratio at 158%) mean bullish?
Yeah dude. You know I’m bullish, right?
They’re buying puts down here. Bodes well for the article I wrote above.
do we get 1 more mini ramp up today for longs to get out?? asking for a friend :/
Long BMRN below 101, looking for 111.
Long $WB here below 11.50. I want to see the Weibo again…
Sold my GILD and FCAU. I am still very cautious. I do see a bounce potential but I am staying in cash while the market is below a downward sloping 200DMA
I think the odds favor a nasty bull trap to be set just as much as a bear trap. I could see a rally starting from 1867 that sucks in longs should be move up above 1950 and then the bottom falls out.
In this scenario why not just stay in cash and put some day trades out at what seem like sentiment extremes?
My difficulty will definitely come from knowing when the market switches from bear to bull. I suspect we have more downside first but am trying to be as flexible as possible.
Set price targets and be disciplined. if you can’t watch the market, I would be careful.
I manage money full time so unfortunately I have to watch it 🙂 Sometimes I’m better off not watching it closely.
Hourly RSI overbought readings for the market has been working well for short signals.
Hi jeff,
This may change things?
This last week was not a good week for capitalism and free markets. While we were hard at work and everything seemed fine on the surface, there were major plans being drawn up
and approved to change the face of the world we live in.
If the United Nations get its way, all countries will have equal wealth,healthcare, weapons,
technology, education, and
political power by the year 2030.
If you don”t believe me,
read the resolution that was passed on Sunday https://sustainabledevelopment.un.org/post2015/transformingourworld#.
In the past, the
U.N has not really had the teeth to enforce such an ambitious agenda. This time they mean
business however, and it has the
backing of Pope Francis.
That may have well been the blood moon disaster my friend.
It’s like a Korean voting that “Puppies are Cute”, just before they enjoy a nice dog dinner. e.g., Resolution 242.
Good stuff Thanks OA
Gun to head I think we test 1900 again tomorrow, then flush below the 1867, bounce back up to 1895, then flush down to new lows. But what the f do I know?
OA, what would be your stop on LABU? Trying to follow along here. Thanks for doing a superb job!
I just cut my BIS and am going to buy a little more to average my numbers. Hoping to do a stop at today’s low.
Jeff whats your take on Biotech? You switched long yesterday and called for it to lead the rally, but you also recently said it was going to crash like Tech did in 2000?
When did I say it would crash?
That extra retest of high 60’s es was another nice shake. I kind of feel like we could have one of those famous bear rallies.
So good. Way to teach!