During the initial COVID tank, ES didn't bounce until the daily went oversold. We're not there yet, and elections coming up Tuesday.
Might as well wait until next week to go heavy on calls. Might take a light stab at GM calls EOD, just for the morning gap. I don;t think we';ve seen teh bottom yet despite indicators being completely oversold on my 3 hr charts.
Comment
⋅
We're seeing liquidity issues again, gold went down even though the market tanked. That's a bad sign. No long positions for me aside from day trades until the elections.
I don't believe there is a liquidity issue. Market makers just scarying the shit out of everyone and trying to cry no stimulus.
sipiceanu
⋅
Gold down during down market ... shows people are scared of anything now... Bulls will come back roaring though ...
DaddySawbucks
⋅
It's forming a Zig-Zag correction since 3 Sep
sipiceanu
⋅
Yeah... this is pure panic ... with chances of skyrocketing high at any moment ... the heavy duty technology stocks are all reporting great earnings with minor misses in obscure areas.... technology stocks will remain strong ... I'm sorry but it's pretty intuitive that a virus will have no ability on someone using a computer at home to do their job remotely .... good times for swing traders for sure ...
buster_scruggs
⋅
@sipiceanu, this market is not driven by reason for a while. IMO, the market is overvalued despite the stimulus, the effect of COVID from other industries will get to tech sooner or later - just think about the enterprise software and ad revenue fallout from travel. So until there are clear signs on money printing - which won't happen until the election's done - all bets are risky. I'm accumulating mining stocks as they drop and a bit of PSTH for the long term.
sipiceanu
⋅
@buster_scruggs, As of today, we are at current levels of when the Mkt dropped right after Sept 2. When it comes to Ad driven companies like FB, Googl (mostly Ad), I do not invest in them or care for them for that exact reason, because it's volatile, but then it comes to AAPL, MSFT and even AMZN which are delivering real value, I think at today's very level these are not overvalued but ready to make a mark ... many medical manufacturers are starting to show FDA approved vaccines like Refinitiv, yet everyone is scared of a pandemic surge which I think is temporary ...