DaddySawbucks
Short

Russell 2K retest of 0.50 Fibo retracement; Bearish

AMEX:IWM   ISHARES TRUST
IWM and RUT have retraced half the steep March selloff. Bearish divergence from NQ which is at 91% and other major indexes at the 0.62 Fibo.

Small business getting killed in the epidemic with global shutdowns. Full impact will only be apparent later this year; expect a double bottom .
Comment: Shorted in the 29 May 130P
Trade active: Added to shorts on the rising wedge, textbook pattern behavior. Got two big gaps to fill back to 125 from last week; expect to fill within a week IMO.
Trade active: Yeah how bout that timing wow...
Trade closed: target reached: Closed these puts on reaching support ~125, gaps closed, oversold IMO.
Short any rallies!
Comment: Sold harder than expected; not chasing this, prepared to short a retrace rally...
Trade closed manually: Reshorted EOD and closed in the open. Expect bounce from oversold condition.
Comment: Helluva bounce omg! Right back at the 0.50 Fibo... Waiting to see if the squeeze gets this index higher, with economic distress on the small businesses, doubtful whether much upside left near-term IMO.

Setting up for another short opportunity after the squeeze?
Trade active: Entered a Bear Spread in Jun 132P short the weekly 126 strikes. Just 5 contracts to open! Trades at resistance near 132... a Bearish Butterfly has appeared, and gap to fill!

Comments

FYI and amusement; paper products demand spike; madness for craprolls! Hoarding the darndest things, but IP shares did not reflect this (mfrs cardboard, craft and print paper):

https://www.marketwatch.com/story/three-stunning-charts-from-uk-gdp-including-the-spike-in-toilet-paper-demand-2020-05-13?mod=mw_latestnews
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out