hey red – thanks for sticking with us! i got down to the very end…margin call all week. todays upward motion brought me out of it and in addition, my csco call advanced for a nice little gain which enabled me to buy the fcx 70 put for tomorrow. if things work tomorrow, i'll have a great rebirth of enthusiasm for, well, EVERYTHING! heh love the charts and graphics, and i'm finding the commentary very useful too; i am glad to be able to read it. i am also short bac (and a little in the money!), so i have great hopes for the next wave down. now, when to sell… what is your post-thursday forcast for next week?
Sold my SPG calls (mostly broke even). In TZA calls.
$VIX closed above 24, by a hair. I think the $VIX goes back up to flirt with the 200 MA tomorrow, and closes the week there. This would provide minimal direction for market participants, and let their options die a slow death over the long weekend (markets are closed Monday for Presidents day).
This Bear squeeze is really hurting my puts, but I'm hanging in here. That 1080 area is the top of the downward sloping channel on the daily charts, and that's what I'm looking for to hold back the bulls.
This rally is all retail traders buying on the Greece bailout news. No Big Institutions are participating in this rally. When will they come in? I don't know, but it needs to be soon…
That's interesting. The question is which way?
He was right about the breakout, but wrong about the range. Pretty impressive, still.
hey red – thanks for sticking with us! i got down to the very end…margin call all week. todays upward motion brought me out of it and in addition, my csco call advanced for a nice
little gain which enabled me to buy the fcx 70 put for tomorrow. if things work tomorrow, i'll have a great rebirth of
enthusiasm for, well, EVERYTHING! heh love the charts and graphics, and i'm finding the commentary very useful too; i am
glad to be able to read it.
i am also short bac (and a little in the money!), so i have great hopes for the next wave down. now, when to sell…
what is your post-thursday forcast for next week?
Sold my SPG calls (mostly broke even). In TZA calls.
$VIX closed above 24, by a hair. I think the $VIX goes back up to flirt with the 200 MA tomorrow, and closes the week there. This would provide minimal direction for market participants, and let their options die a slow death over the long weekend (markets are closed Monday for Presidents day).
a flat last 30 minutes means a 6-9 pt gap is coming
here's an update to a chart i posted earlier
you'll see a gap is how this dancing gets resolved
http://www.flickr.com/photos/47091634@N04/43497…
I'm inclined to agree with you Monica. Still holding… for now!
I will cover if we get to 1092
update 3:30 est
per my 2:30 update SPY 108.06 level was the line in the sand for the 3:30 print and actual SPY 3:30 print was 107.96 so market is still contained
6-9 pt SPX move is likely during the final 30 minutes
This Bear squeeze is really hurting my puts, but I'm hanging in here. That 1080 area is the top of the downward sloping channel on the daily charts, and that's what I'm looking for to hold back the bulls.
This rally is all retail traders buying on the Greece bailout news. No Big Institutions are participating in this rally. When will they come in? I don't know, but it needs to be soon…
Thanks, Dread I have not sold anything yet.