Despite the upswing off the open, the mood has gone pretty dark. Sentiment across my indicators is convinced we’re heading lower here.
Zoom out and look at the way this is shaping up…
This is the range for the new year.
The good news, is that if this contains price for the near term, the year will be slower in terms of speed. Meaning, the highs and lows of last year were twice as fast as what we’ll see this year. Quiet is good. I hate speed.
I’m not loving this action today either. This was a responsive buy, but it lacks conviction. Would like to see things drift lower this afternoon and see if the response is stronger on a second attempt down.
Stalking $SINA, $MA, $AZO, $AAL
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Why are there 5 fly posts above this one?
What draws you to those four stocks? I like INSY, MYGN, CDK, and WETF
Gartman has called for a bear market – bears best tread lightly
lol, yes we are.
OA – thoughts on biotech (LABU) here for a couple week hold?? Thanks!!
Was just shopping biotech again. Big cap bio on accumulation scans today
Didnt want to ask since I know OA has been advocating individual names over something like LABU but I took a little flyer on LABU the other day and would love another piece in the mid to low 16s. Not going crazy but I think over the next few weeks we see 19-21 again.
rough day over here so far and bad read to start the year. Have to wait and see how the next few days shape up.
I’m taking a hard look at copper ATM.
Chief are you still trying to trade oil? Just cut bait on UWTI for a big loss.
have taken a few small shots at it but no position right now. I wanted a wash out a couple of weeks ago and it may still happen.
Just went long JJC
OA,
Getting smoked on UWTI. Are you adding?
No, holding a bag at the moment.
Thanks. I just cut it loose and bought JJC
things are going quiet – not really looking forward to the fed minutes as it will likely get a little sporty – the way my NFLX options are holding up, I would have been better served buying a bunch of powerball tickets….
UA calls are holding up, though, so I am thankful for that.
Need TBT to recover this afternoon to make it three straight positive days for the portfolio. 12:30 Wednesdays have been a good turnaround point.
NFLX?
Why did NFLX just pop like that ?
Announced Netflix service available in all countries except China at CES speech
Jeez NFLX
Interesting that up until a few minutes ago, all four FANG stocks were strongly positive despite the market selloff.
FOMC minutes in 58
If the range holds up against the weight of all of this crappy news flow, I think that resolves direction northward. Anyone needing an excuse to sell has to have found one by now.
learned to do the opposite of what you say macro-wise.
What did I say macro wise?
Bought GDX and UGLD. I think there is a bounce coming. Still holding FCX, but underwater now. Stopped out of COP, LABU, and RLYP. Down about 1% for the new year. Not a good start.
/CL looks like maybe 31-32ish potential if this keeps up.
Great pic of Steve-O, about fell out of my chair. I remember talking to you about that range in NYC. Might be a lot of reversion to the mean and frustration.
This market sure does trade like a recession is coming
Covered DWTI short for a loss and will re enter closer to 300. It looks like oil is going to $30 in the near term.
Is the pain trade a tool you would reach for in the current wide ranging environment?
Always. Still attempt to do this daily when applicable.
Looks like the short term bottom is in. I’m in the NQ from lower and gonna hold overnight.
Shorted EXP last Tues, Thur, and this Mon., could not understand why it did not go down more when the Market was off 450 the other day. Got out today, made 3.34% and left a BUNCH on the table as it did today what I thought it might do on Monday. got out when it was down around 2 bucks. I’m trying to be happy with the gain, but WTF, another couple of hours would have doubled my return. My first target was 59 then 57. Instead of licking wounds I’m drinking beer. Keep your eyes open and your head pivoting.