That 1920 area should be the next big support level. So While I think we’ll rally some tomorrow I’m not expecting much upside until that downside level is hit. The bounce tomorrow should be an ABC move up but could be choppy.
I think the best time to short will be close to the end of the day, but not at 4:00pm as I’m sure there will be scared longs wanting out before a weekend. Monday’s are usually down so I’ll look to rebuy my same put spread… which was a 197/193.
Meaning I bought the 197 and sold the 193 put. The max profit is $4.00 per contract but you never get that. Even if it expires right at 193 next Friday the market maker will take some. The best possible is more like $3.80 to $3.90 per contract.
However, I don’t plan on holding it that long as I think Monday we’ll see a bottom somewhere as I counted 3 waves so far and if tomorrow is the 4th wave (up) then we should see the 5th wave down on Monday.
That should end the selling for several days I’d think as that whole 5 wave pattern will make up a larger A wave down (or Wave 1?) which means we should see a B wave up that could last into Wednesday or Thursday of next week.
Cool. I’m holding 20 SPY Sept 195 puts..and I’m just going to take a chance we go lower into next week..even if we get a little rebound tomorrow. If we don’t get a good move down from here to at least your target of 1920..then I don’t know what to think.
SPX 1960 will get the Dow just under 17K..maybe 16,950 to 16,970.So anybody that wants to see this thing open up with some wider ranges..will be rooting all key indexes to take a good hit today and or tmrw.- The last decent little pullback a few days ago,the Dow stopped hard at 17,006..so it’s already a factor.- Next Monday will certainly be key…but I can’t wait to see how we close and then what happens tmrw.- It “might” get fun here again for a little while. Maybe. 🙂
Support is around 1960 SPX, which if we gapped down tomorrow and hit it (or hit it today?) I’d exit my shorts and wait for a bounce to reload again for the weekend. Not sure where that’s at on the DOW though?
Well lets just we if we get back below Dow 17,000..and stay south of there, “if “we do. – Crucial to opening up the range here for trading purposes.- Looks like the market is in a “wait & see limbo” mode here at the moment.
The news is always there after the charts foretell the move. The charts said we should go down and continue into Monday and the news was just the reason to blame it on.
That 1920 area should be the next big support level. So While I think we’ll rally some tomorrow I’m not expecting much upside until that downside level is hit. The bounce tomorrow should be an ABC move up but could be choppy.
I think the best time to short will be close to the end of the day, but not at 4:00pm as I’m sure there will be scared longs wanting out before a weekend. Monday’s are usually down so I’ll look to rebuy my same put spread… which was a 197/193.
Meaning I bought the 197 and sold the 193 put. The max profit is $4.00 per contract but you never get that. Even if it expires right at 193 next Friday the market maker will take some. The best possible is more like $3.80 to $3.90 per contract.
However, I don’t plan on holding it that long as I think Monday we’ll see a bottom somewhere as I counted 3 waves so far and if tomorrow is the 4th wave (up) then we should see the 5th wave down on Monday.
That should end the selling for several days I’d think as that whole 5 wave pattern will make up a larger A wave down (or Wave 1?) which means we should see a B wave up that could last into Wednesday or Thursday of next week.
Then we’ll see where we are at that time…
Cool. I’m holding 20 SPY Sept 195 puts..and I’m just going to take a chance we go lower into next week..even if we get a little rebound tomorrow. If we don’t get a good move down from here to at least your target of 1920..then I don’t know what to think.
My target to short again: http://screencast.com/t/Vd0KmSgb7
I’m out of all shorts for now. I will reload on a bounce. Paid .57 for my put spread and sold for $1.14 (so I’m happy with that).
Video about the plane crash: https://www.youtube.com/watch?v=dTCulEzHQh4&feature=youtu.be
SPX 1960 will get the Dow just under 17K..maybe 16,950 to 16,970.So anybody that wants to see this thing open up with some wider ranges..will be rooting all key indexes to take a good hit today and or tmrw.- The last decent little pullback a few days ago,the Dow stopped hard at 17,006..so it’s already a factor.- Next Monday will certainly be key…but I can’t wait to see how we close and then what happens tmrw.- It “might” get fun here again for a little while. Maybe. 🙂
Support is around 1960 SPX, which if we gapped down tomorrow and hit it (or hit it today?) I’d exit my shorts and wait for a bounce to reload again for the weekend. Not sure where that’s at on the DOW though?
2nd chance to go below Dow 17K coming.
Well lets just we if we get back below Dow 17,000..and stay south of there, “if “we do. – Crucial to opening up the range here for trading purposes.- Looks like the market is in a “wait & see limbo” mode here at the moment.
The news is always there after the charts foretell the move. The charts said we should go down and continue into Monday and the news was just the reason to blame it on.