Not sure what to say about the market today, other than it’s slow and somewhat productive. We could easily backtest the wedge pattern we looked at last week, but overall its constructive. Oil has been trading the $43-46 range, but if $43 gives way, could see a nice little slide lower from here. I’ve been debating selling a few oil names I’ve been holding.
Watching the banks in reference to Friday’s lows.
Biotech acts good here, no?
I picked up some $RIG for the LT account today and am stalking $SHAK and $CYBR.
What’s on your radar?
OA
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been watching this SHOP ipo come in… not sure if its ready yet.
CEVA, AGN
bought me a little FIT and GPRO today, hoping all sellers have left the building 🙂
I see the Nikkei being in a pretty nice risk/reward setup (but not as nice as last week), with gold the opposite due to the beautiful correlation between the Yen and gold.
Like ACOR.
OA. As a longer term hold, what do you think of REITS? Obviously once interest rates normalize these might struggle, but in a choppy market is there merit to holding them?
I can’t enter LT positions into strength like this. It’s been too strong of a trend the last 7 years to act on it here, IMO.
Bought VRX May 25 puts —
Out of TWTR calls and remaining shares. Fuck that stock — Might get stopped out of everything this afternoon, in which case, it’s time to go fishing…
OA – what’s your target on IBB for your calls?? Or you sold on today’s pop?
well, hoping you aversion vs IBB chart plays out. I’m gunning for that. will have to manage my calls on a day to day tho since I have short dated ones
With all the shit you talked Friday, why don’t you take the wheel? You’ll be fine.
feel like you should be thanking me for bottom ticking for you…
OA – are your charts telling you when the market might push higher? In other words do we slog through this for a few months before we get some upward traction?
My market analysis all week last week was to get us to this point. In other words, they were telling me this all last week.
bot some $GILD on friday
I’m long GCI. Worth a shot long IMO.
Sold longs just now. Not liking the action today. Was expecting more strength or a light volume down day. If we hit the lower BB on the daily and have a good reaction, will go aggressively long again.
I did the same — sold everything. Dogshit market – -thinking VRX unwind is a sign of more liquidations to come. Bought some NFLX weekly puts for some YOLO action.
sweet close
OA great call.
The general sentiment is seems so depressed as if the markets are going to collapse overnight, definitely feels like aversion.
*still seems so depressed
Thinking about $FIT for a post earnings fill and because they may in a position to give me the dick punch that $TWTR usually delivers on a regular basis.
I dont think Ive made money once on TWTR or FEYE. Penalty box treatment
Everybody has a couple of those stocks. Just take them off your watch list and forget them like a first wife.
Everyone is turning bearish already after that U-Turn on Friday? I love it. If bad jobs numbers aren’t going to be keep the market down, it’s going to take something more severe. Summer will be slow grind higher.
Can we get a gap and go just 1 time
wow the nice set up that was devolving in the solars is unraveling. They need to hold these levels or it could be a slippery slope. I’m still waiting to put some money to work but they need to firm up quickly.
FSLR puzzles me. Either the CEO is full of shit or solars are telegraphing a significant drdrop in oil.
I get reducing risk ahead of the election, but I’m inclined to buy this over reaction to their earnings.
And this have placed a buy order in the low 49s for this morning.
Also aapl is dangerously close to the bottom falling out. The bulls need to step up or it could easily see 80.
I don;t see any way that stock doesn’t sweep the lows.
OA
Do you like $BABA here?
$CAT for a short,$FDX long are my ideas here
I own $BABA, but this isn’t a great spot. Way late on $CAT too.
Back in long premarket. Looking for gap and go day
Wacky market, feels like they’re gonna pull the rug out from under us. Keep your stops tight boys.
Has all the markings of a top with $700 AMZN and AAPL cascading lower.
Sell it all
Man, I’m buying into this today.
Why’s bio crapping??
Closes green.
Booyah!
Bot UVXY 13.48
Only position right now?
yes – 25% position UVXY, balance cash
weekly NFLX 87’s and VRX 25 May puts
Bot AAPL May 90 puts.
Running UVXY on autopilot with tight stop. Protection is cheap.
Good luck guys. Going fishing.
I was wondering about your IBB position, too (but I’m not a d!ck about it on someone else’s blog…). That’s another reason I read your blog – it’s a very honest assessment.
I was looking at IBB and IWM underperformance (vs SPY and Dow) as well as TLT’s rise as a sign of fadebale performance/risk off. As mentioned I don’t consider myself a trader, but I bet on the SPY gap (to ~206) closing this week.
Yesterday was anything but risk off. Over 100 biotech names were up more than 3%. That’s accumulation. Risk on.
Agreed about yesterday (for the most part – TLT also rose) – looks like your art worked well.
This morning is giving mixed signals.
Every DOW component is green other than PFE and AAPL
/TF needs to hold green
OA..any thoughts on $CUDA here
No, but bought $CYBR earlier.
pbyi smoked. there goes the biotech again.
lots of weakness in many individual names on my radar, but IBB only down .4%
Nice close, sold big chunk of longs