Red, When market is not doing the way it is supposed to, one must understand there is something else going on. My view is that this market is not going down because so many of us thought we nailed the top and positioned on the short side. I have never seen this many retail investors loading up with short ETFs and waiting for market to fall. You notice this pattern at every blog as everyone is a bear. Big guys know all this and sure to squeeze all bears out of market. IMO, this market is going to new high based on prevailing bearish sentiment. Another point I noticed is Goldman and other big guys follow Elliott Wave Prechter and his team just to know what bears are saying. For example, if Elliott Wave guys say market should not cross a certain level that is where exactly Wall street crooks take market just to squeeze out bears. This is happening often because after Lehman collapse Wall Street is just one firm show, that is Goldman. If Goldman is not positioned on short side then market is not going down. No wave theory is going to work, please understand this and never bet your farm based on convincing charts.
'big white candle' is followed by 'itty bitty candle' with a higher low and a similar close. From Yahoo's historical data, I have determined that the low of 'itty bitty candle' is 1.3% lower than the closing high of 'big white candle'. Applying this to today's TZA closing price suggests that tomorrow's maximum TZA price is 10.77. If the fractal plays out, if this isn't P3, etc. etc. etc.
I bought calls in TZA today (Feb. 11 strike) for $0.27 per contract. I've programmed my sell order for $0.38 per contract.
TZA looked really beaten down, and I was able to grab calls near the LOD. Annoyingly, it has gone down even more in AH. Still, I think I got a pretty good price.
Red,
When market is not doing the way it is supposed to, one must understand there is something else going on.
My view is that this market is not going down because so many of us thought we nailed the top and positioned on the short side. I have never seen this many retail investors loading up with short ETFs and waiting for market to fall. You notice this pattern at every blog as everyone is a bear. Big guys know all this and sure to squeeze all bears out of market. IMO, this market is going to new high based on prevailing bearish sentiment.
Another point I noticed is Goldman and other big guys follow Elliott Wave Prechter and his team just to know what bears are saying. For example, if Elliott Wave guys say market should not cross a certain level that is where exactly Wall street crooks take market just to squeeze out bears. This is happening often because after Lehman collapse Wall Street is just one firm show, that is Goldman. If Goldman is not positioned on short side then market is not going down. No wave theory is going to work, please understand this and never bet your farm based on convincing charts.
Well, I'm glad you feel better about that 🙂 I think tomorrow's maximum TZA price is 10.77. See my other comment for chart and reasoning.
Chart posted!
OK – will check him out 🙂
Any other videos of people great at teaching ?
Yesterday, I posted a couple of charts about $VIX and $RUT. I predicted the $VIX would go down, which meant that $RUT would need to spike up.
(yesterday's $RUT) http://www.screencast.com/users/dreadwin/folder…
As you can see, I'm big on fractals playing out. This one looks like the Nov. fractal (until it doesn't). Tomorrow?
http://www.screencast.com/users/dreadwin/folder…
'big white candle' is followed by 'itty bitty candle' with a higher low and a similar close. From Yahoo's historical data, I have determined that the low of 'itty bitty candle' is 1.3% lower than the closing high of 'big white candle'. Applying this to today's TZA closing price suggests that tomorrow's maximum TZA price is 10.77. If the fractal plays out, if this isn't P3, etc. etc. etc.
I bought calls in TZA today (Feb. 11 strike) for $0.27 per contract. I've programmed my sell order for $0.38 per contract.
Thanks Dread
TZA looked really beaten down, and I was able to grab calls near the LOD. Annoyingly, it has gone down even more in AH. Still, I think I got a pretty good price.
If I can find some time, I'll do a chart.
I agree, That gives me some comfort also. On my chart I did not see it dip to 10.22.
Gcocks,
Seems you have to be on top of your game (other than the earnings announcements) to use calls.
Calls on TZA has got to be exciting. I'm already fairly excited without them 🙂
I somehow feel better holding TZA knowing he has calls on them.
Boy, I did not see that drop coming today. Maybe I will put a limit order in for some. I think it is interesting that dread is doing calls.