Still waiting to short as the first target (from yesterday) was hit too soon, which meant that it was likely going to be broken. Here’s the current target: http://screencast.com/t/CuXpZd7WL5y
I suspect we’ll open tomorrow down and rally pretty quickly… not big. However I think the move up will be over with by noon to 2pm and then we’ll head back down again. It’s Monday that will be interesting.
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.
I’m short now…
By the way, we are on a new post now… http://reddragonleo.com/2014/07/16/global-currency-reset-stock-market-crash-or-both/
Stop by and share your thoughts…
Still waiting to short as the first target (from yesterday) was hit too soon, which meant that it was likely going to be broken. Here’s the current target: http://screencast.com/t/CuXpZd7WL5y
Nice catch… I didn’t see that. Very interesting that it hit 1977.07 at 11am. Thanks
My target to short at: http://screencast.com/t/CuXpZd7WL5y
SPX July 16, at 1100 am 1977.07
I agree..Monday is the day that really matters here short term. Thanks.
I suspect we’ll open tomorrow down and rally pretty quickly… not big. However I think the move up will be over with by noon to 2pm and then we’ll head back down again. It’s Monday that will be interesting.
Ok. thanks. The futz are already down 9 points..so tomorrow “could ” be interesting. 1920 may come real quick if it is.
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…