I’m back to cash… 2-3 bad trades now. Market is now going to bounce since I’m out of it. Figures. I guess after 7 winners in a row I’d have to have a couple of losing trades.
I’m out of all longs… no bounce coming it seems. I’m going to take a short position. Yes, it’s crazy as we are WAY oversold. But this looks really bad right now and I don’t think and bounce is coming for awhile now.
Should be a wave 1 up most of the day and a wave 2 down later in the day. I’ll look to get more if the wave 2 down get near a double bottom from the low today. I did take a long (half) position. I got the 196 calls that expire next Friday and sold the 199 calls for $1.01 on that spread. I’ll buy more later today if the low isn’t in and we dip lower. But I’m really just expecting a “almost” double bottom on that wave 2 down later today.
The first reaction from the FOMC is usually a fakeout move. I think we’ll close green today and probably just under 1980 SPX by a few points. Then I think the jobless claims numbers will be bad enough to get us one more move down to that major support area of 1950-1955 SPX, at which point I’d go long into next week for a nice bounce.
But I’m not even thinking about going long today as this looks like the classic bull trap right now with the bear trap coming tomorrow morning with the expected gap down and fall to that zone. Then a reversal should happen and stick this time with a carry over into early next week before peaking out again.
I’m back to cash… 2-3 bad trades now. Market is now going to bounce since I’m out of it. Figures. I guess after 7 winners in a row I’d have to have a couple of losing trades.
I’m out of all longs… no bounce coming it seems. I’m going to take a short position. Yes, it’s crazy as we are WAY oversold. But this looks really bad right now and I don’t think and bounce is coming for awhile now.
Sheesh… are we ever going to bounce?
Got my 2nd half for .91 cents… so average at .96 cents now.
Should be a wave 1 up most of the day and a wave 2 down later in the day. I’ll look to get more if the wave 2 down get near a double bottom from the low today. I did take a long (half) position. I got the 196 calls that expire next Friday and sold the 199 calls for $1.01 on that spread. I’ll buy more later today if the low isn’t in and we dip lower. But I’m really just expecting a “almost” double bottom on that wave 2 down later today.
ES Futures and SPX update: http://screencast.com/t/HS1sTh9q33dH
http://finance.yahoo.com/echarts?s=CROX+Interactive#symbol=CROX;range=my
SPX and SPY update: http://screencast.com/t/VUmrTH27i
The first reaction from the FOMC is usually a fakeout move. I think we’ll close green today and probably just under 1980 SPX by a few points. Then I think the jobless claims numbers will be bad enough to get us one more move down to that major support area of 1950-1955 SPX, at which point I’d go long into next week for a nice bounce.
But I’m not even thinking about going long today as this looks like the classic bull trap right now with the bear trap coming tomorrow morning with the expected gap down and fall to that zone. Then a reversal should happen and stick this time with a carry over into early next week before peaking out again.
the bozo rally spiked up quick but lost some traction almost just as quick. Curious to see the rest of this afternoon play out