Fascinating sequence to start the week. In After Hours with Option Addict, we observed that most were either lightening up long exposure or placing bets against the market coming into the week on Friday. As a result, the market rips off the open yesterday to stop out weekend shorts, and lure in late longs. After longs have onboarded and shorts are stopped, cue the reversal. Yesterday we spent the day stopping out those longs into the close, and drawing in another round of shorts to beat up into today’s gap and go.
This is an attempt to buck everyone off the ride before the next leg. The disbelief out there is unreal.
I booked gains in $VIPS calls today, and am watching $BITA, $WUBA, and $SOHU.
Let me know if you got any good stocks to watch here. Tough to follow everything working out of hotel rooms.
OA
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I booked the $VIPS a little premature this morning but was still a win. Thanks.
Same here. Sold for .90 and now its 1.2. Still caught almost a double but another lesson learned.
Also shorted $USO via Apr 4 10.5 puts @.32
everyone and their mothers are calling for an oil breakout off this mornings news.
Bro, shut the fuck up. You bitched and moaned about oil all week last week. Now it’s rallying and you find fault in it.
Can you try to pitch ideas for a few days? Give us something useful to read.
Biggest positon is LABU from 33.83. Waiting for a turn around this week.
im DUSTing
Probably a good idea. I tried it too soon and got murdered, so from now on I’m just waiting for the next long with the miners. Thinking around the first week of May or so.
just my inverse gartman play after his bullish gold/silver comments yesterday. probably should have just played the metals directly
Kinda agree with with OA mentioned yesterday. This week looks like one long chop fest.
Two weeks now dude…not just yesterday.
$PVG making this week rather delightful. Oversized position from $4.55 a few weeks back when they announced the secondary.
Got $JE, $SPEX, and $WOWO on the radar. I’ll ask you about it later in Afterhours.
Penny for your thoughts on /DX. I think there may be a long there (falling wedge). I took one yesterday but got stopped out on today’s reversal.
I’m looking at $FEYE but I think you are already in
Bought May calls Monday. We shall see
ended up grabbing calls in $FEYE. Paid out to May 6, and they’re reporting earnings on the 5th — I don’t intend to hold through earnings given their sterling track record of failing spectacularly even in the face of the lowest possible expectations.
If I get a decent pop pre earnings Ill sell half and YOLO the rest. Will have to manage it there.
Usually have many favorites but find few to love here. NTES had a beautiful setup but took a hit from some dick analyst last week. Might rebound still. Maybe, LULU and NKE if they can hold trend lines and TSRO in a nice wedge. Also, WETF at this level.
I was just looking at NTES yesterday. Super cheap.
Sitting close to support so pretty good risk reward here. Wouldn’t do anything until around close.
Only thing I picked up today was PBR, probably too late at $6.08. Still in MTCH and BIIB. Missed entry in TNA this morning by $0.20.
Cybersecurity has been week – couple of news events may help things going forward. FEYE has a governement conference this week in DC (today) and the Commission on Cybersecurity has its first public meeting on Thursday – I expect some stories to hit the wire and this may get people interested. FEYE looks like it is in a beautiful spot to take a shot if not already in it.
Still holding!
I bought my FEYE May calls last week and am holding as well
Looking at CHK and wondering why I didn’t buy any on Friday…it was on my list of things to look at…
Was my top energy pick in AHWOA…missed it too with all this driving I’ve been doing
That is why is was on my list (top energy pick)….I think it was because it popped on Friday and I didn’t want to chase and got distracted with the market sell off….there will be morem opportunities….
Missed the huge run in CLF even though I have it my notes 4 times and pointed it out in AHWOA. Same pattern as VALE. At least Im seeing a little more of what Jeff is seeing
No way, you missed that $clf move you called out on my comment on Thursday? That’s a 10 bigger already! Great call! You’ll catch the next one
$CLF and $VALE were monsters.
Thanks man. Monsters indeed. I appreciate OA’s teachings because I can finally somewhat see where there may be a decent opportunity, instead of taking shots in the twilight. Now if I can just find a clue about entry and exit points… Glad both of you guys hit the jackpot on those.
picked up HZNP on this smackdown
OA, how do you reconcile all the disbelief out there with all the sentiment data saying people are bullish and heavily positioned in equities? (I can find some if needed, but I’ve been seeing those stats all over from the usual sources.) More precisely, what do you see as the sources of all the disbelief?
Honest Q — not trying to be contrary. I find it’s always hard to get a handle on sentiment due to the various players in the marketplace. My twitter stream is pretty bullish right now, honestly, although it got a bit beared up yesterday after AA’s earnings. I’d say it’s 50/50 at worst. Mom and Pop seem pretty bullish since “everything is OK now” following January.
Coming into the year, funds were significantly underinvested. Least equity exposure in ages. AAII hit 17% bullish at the start of the year. Haven’t seen that since 2004. The spread has been the highest on that poll in 10 years as well.
I’ve got loads of data too. Been blogging lots of it over the months.
Also, I totally disagree on “mom and pop in equities.”
Thanks, appreciate it. I’ll have to see if I can find those tweets and posts about (shorter-term) sentiment data I was referring to, but your points here are all very well taken.
Sentiment is always a tough measure because it depends solely on your inputs. I sub to a few broad based chat rooms and read a few blogs, feeds, etc. I feel they’ve been decent places for sentiment.
i still like feye, twtr, and fslr.
Like the first two. Why FSLR ? It hasnt followed the other solars at all
Speaking of solars…CSIQ lookin’ wedgy
Interesting. Would want to sell something before getting in there but I like your find
just because the pattern has been the same too many times. get’s up into 70’s, then sells back down. It did the same again this time, but still above the 200ma. So just playing contrarian….everybody thinks it’s heading back to the 50’s.
whats up with the trash?
still got mtch, twtr, gpro,
MA and PYPL
$MSTR and $WBAI
They have high short interest!
Lmao
lol!
Yeah. TWTR, GPRO, FEYE, LABU green and IAC just slightly negative. Well it’s what I’m holding.
I took in some $AMZN weeklies and a probably stupid position in $HLF due to the fact it looked like a bull flag.
canf
$P looking like it’s going to push higher. Hate that I missed the +4% move already but I like the upside.
Jumped on CJES for the 50dma BO … low float – high short
My Springtime oil plan is to trade a range from 38 to 46 per barrel. We are in the middle. That is why I am slightly short. Have one more slug of UWTI to sell at equivalent of 46/barrel.
If the Fed is determined to break that range to the upside in July then oil in the 50s and Gartman’s demise is assured.
46 within three realm of possibility this Friday. Needs a bullish inventory report.
Bought BWLD starter. I’ll buy more if it breaks thru last few days range.
Via Forex Live:
Stockpile data for oil via API’s weekly survey
Crude build of 6.223 mln barrels – Hedge funds dumping previously bot oil
Cushing draw of 1.93 million barrels – Making summer gas! That’s bullish, but priced in??
Gasoline draw 1.58mln barrels – Bullish! Shit, my gas is going to 2.50/gal
Distillate draw 530K bbls – Trucks are annoying me on I-81
The crude stockpile build was well above expectations (they were around 1.9 mln)
Me: The build and draw at Cushing should Balance each other. Fading extremes on my 10 day hourly charts for now.
CHINESE BURRITOS ONCE AGAIN RULE.
The market will make all time highs this year with day traders missing the big moves as usual.
Makes me wonder if we get a near term pullback:
https://twitter.com/DowdEdward/status/720040148784656384
$UAL short?
$HAIN long?
The corporate watermark on a bunch of disembodied arms giving the finger makes it 10x funnier.
Didn’t have the tools to photoshop it…lol
Watching SCTY for a short heading into OPEX – it is at the 30 target i had and am looking for a pull back here
Wow, Chinese burritos on the move
NTES exploding back today. Jon V.. hope you picked some up yesterday.
GPRO target?
GPRO just hit ludicrous speed
and has gone plaid
trailed my stop up and it got hit. From a total loss to almost a double on my APR 13s
I have April 5 13 calls, I have some time to let this run
FSLR up 2 bucks. How about that.
Mixed oil inventory report similar to API. I am neutral to slightly bearish
Short the Russell from 10:30am. A little early….
Still up 1.1 % for the day…..
Anyone playing BAC earnings? My calls salvaged some value today, wondering if I should cut and run or roll the dice
Same here. Im break even on April calls. Based on JPM oim holding. YOLO right ?
Booked $JD this morning, hoping for $VMW to come back from the dead in the next two days.
picked up a few SCTY April 28 puts – thinking this rolls over.
Just couldn’t fall asleep last night hence I slept in late this morning. Just woke up to my account up over 4.5% lol! Hell yeah.
What am I supposed to do with FIT and GPRO now (I’ve got shares)?
Put in plain or trailing stop to lock in profits.
That CWEI with the odd chart hit today $20 from $8 when I mentioned it …
Too many setups. Not a bad problem to have.
Biggest daily gain for me so far. Up 2.7% on the day. Looking like April is going to be great.
I bet OA is not having a fun driving day….
today and maybe tomorrow are the days to lighten up or initiate shorts.