I have several people asking me when NQ is gonna turn around. Well, it's a melt up, so I don't know. It's hard to determine when a melt up will end.
I am assuming the market pumps tomorrow because the market always goes up on Fridays during a bull run because of 401k plans. Fridays are pay days. Usually a little follow through on Monday as well.
I don't plan on shorting anything until Tuesday unless the market collapses Monday, lol.
Comment
⋅
Back when I got into options trading I lost a bunch of money trying to short QQQ, lost money more often than not. I quit shorting it.
You can short individual components, but they always find something to pump so the index is hard to short. Last year was an anomaly caused by rate hikes. We're only going to see .25% hikes from here on, don't expect big tanks.
In any case, it's going to require good stock selection and timing to make money shorting stuff now... and a lot of luck.
Comment
⋅
Market now going full Tropic Thunder.
Both the Fed and ECB indicated more rate hikes, so this time I can't blame the central banks, lol.
Comment
⋅
Full Simple Jack now. I would not put it past the futures traders to do a premarket pump for the pump and dump. 401k funds have to buy on Fridays, funds cannot stay cash.
Comment
⋅
People asking me why the market is going ballistic again.... the Fed never reduced their balance sheet, too much money still floating around:
Not shorting anything until Monday afternoon or Tuesday
mc_speculator
⋅
dumped my TQQQ before FOMC... not happy about it, LOL
hungry_hippo
⋅
@mc_speculator, it happens. I dumped my BITO puts on the initial drop yesterday, lol. I could've had that shit coming and going. I expected a bounce today, oversold on my 3 hr.
mc_speculator
⋅
@hungry_hippo, yep, missed that one too. I also got rid of my AAPL 185 calls too.... not timing exits well at all, per usual, being too safe missing a lot of upside.
mc_speculator
⋅
@hungry_hippo to top it off, I added to my spxu / sqqq calls through sept. small positions (3k). Monthly looks like we are going to continue though, imo. Summer hedges, lol.
hungry_hippo
⋅
@mc_speculator, the market was overbought. The only thing that made me flip my SARK was RTY went oversold premarket. I went long on a few things this morning.
RTY is the only index still cycling, everything else went full Simple Jack.