I booked a few gains to pay down a few losses this afternoon. I haven’t logged into the IRA today, but will wait til next week to rebalance a few things. Thinking I’ll reduce my $AMBA after a nice run, sell $BYD for a gain, add to $UA and start a few longer term positions next week.
Last time we had a move like this was 8/24. This was a Monday. The market ripped higher to the tune of 4% early in the session, then totally shit the bed into the close. That move triggered the 80% bearish poll in After Hours with Option Addict. I bought into that failed rally and caught a big market swing over the next few days.
Not sure whether we follow a similar template here…but the one thing you can count on is that these moves take time to heal. I’m surprised at how well stocks held up. This may just be the start of something, but that’s the thing I am very focused on here. So many good stocks are trading at their lows for this week, or last week. They are receiving the type of drop they could have had on a random -1% S&P drop. It doesn’t feel too panic yet, which is why I’m going to see how things look on Monday.
The market analysis into these scenarios has been a little easier for us these last few times we’ve been in these situations. If you approach this with “pain trade” in mind, you should do fine.
I closed 5 positions today, and purchased shares of $OCLR and $TROX. We’ll do some technical comparisons in After Hours with Option Addict after the bell.
OA
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hmmm…so you wouldn’t recommend holding longs over weekend?? well there goes my plan.
Who are you talking to?
I dabbed on the dip in the morning and lost $900, I’m 100% on the sidelines again right now. I’m so tempted to buy here, but don’t like what’s gone on in the afternoon.
same. I dabbed in the afternoon and cut loss at about $300. don’t want to be caught if we flush at close.
buy the gap down on Monday you guys this market hasn’t shit the bed enough yet
I think you may be right Heckler. Buy at $SPX 2025 or lower?
Waiting until next to get a better read on things. Who knows what news comes out of Europe over the weekend? I agree–look for the opportunity, but still too early for me. Good luck to all.
I’ve been curious how you managed over the last few months. I know you arrived early to the drop party, but have you done much given the last few months?
Done ok. Got long stocks third week in May. Still long about 40% but currently still hedged with TLT ZROZ and GDX, 30%. Rest in cash.
Favorite stock to own here?
Warning to all dip buyers… When the market dives on Friday, there is normally a large gap on Monday which continues lower all day. Wait until Tuesday or Wednesday to buy…
That was my same words in this post.
Not really reading that in your post.
“Last time we had a move like this was 8/24. This was a Monday. The market ripped higher to the tune of 4% early in the session, then totally shit the bed into the close.”
The implies the market would go lower.
What’s your take here, in general?
Stay short until we reach the lows of last September… Then I don’t know.
After this dips to September lows, I’m done trading non precious metal stocks.
I’m debating whether to throw my money in silver or gold. I think silver has a long way to go up, but it is more linked to actual industrial production than gold.
AG or MUX…
I like the looks of TROX shaping up above the 10 DMA. Thanks OA, that’s a new one to me.
Since 1990 when the SPX has lost more than 1.5% on a Friday, Monday saw a lower low 86 out of 90 times.
wow for real?
Made you the the dbag ricard santalli?
huh?
Costanza Market – dropped 5% from its highs instead of ripping 5% higher as I predicted last week. Had to be nimble in order to profit which thankfully is what I managed to do.
I took off GOOGL and DIA OTM calls at 3:45 Thursday and moved a mutual fund account into cash. Bought TWTR (this coming weeks) 16 puts that I took a double on Friday. Rolled into FCX July 11.5 calls and moved mutual fund proceeds into small cap fund.
After my weekly chart review, I am left to conclude that Friday was not the beginning of the end of the financial world. The most revealing stat was that the NYSE Adv:Dec line was positive for the week and DIA, IWM and SPY all held above May lows with small caps holding up best.
Not anymore
For whatever it means, a guy in a condo high rise building next to mine, is on the phone screaming at someone for not buying gold?
Hey, at least we have our health. Quiet as a library here.
What’s your take on where you think we will bounce on the SPX?
Still long TWTR calls not adding
Bought small /ES @ 1992 and small GBP /6B @ 1.3198
Bidding for LABU July 25 calls…
IWM breaks support here things could get very ugly.
What you mean. It’s already broken
108 is support boss
Agree on 108. We’ll probably get a small rally but it won’t stop till we all puke up. Fucking Brits
Any words from our fearless leader?
About the $IWM? Wait for lower.
Doesn’t have to be either or.. can take some profits and leave on a smaller position. I’m keeping my small TZA position.
Hoping we get some stabilization when Europe closes…
Good and silver are slightly up or unchanged. Some miners are down. This is probably a decent time for a scalp.
So is the NDX multiyear PoC 4296 still significant? We have a daily and a weekly close below that level. I’m assuming a monthly clsoe below that would lead you guys on to the Ark.
On a separate note, I can’t be the only one that went long IBB today (technically, I shorted a vertical put spread), but it looks quiet here…
Long any thing high beta is scary.
That means buy.
Break-even is at ~$237 and I have other high-beta short positions (in a certain video-on demand service provider…) so I’m fine with it.
OA, I know you are in FSLR for the longer term but how about straying a position here for the short term – 2 to 4 week hold?
Starting a position
The people out there that are short, are you staying short for further downside or are you booking your wins from the last two days?
Overall, I’m close to neutral now, with open long and open short positions in specific stocks.
I booked some profit, because paper profits are not real profits.