Perfect stop up at the Fibo. .62 retracement of correction, a Fomonacci high.
This has been a pure technical rally in face of most worrisome bad news in years.
Meme stonks back in action and FOMO drives higher nearly every session.
Would not bet on getting a lot higher but ofc it can always creep up.
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How bout that... opened n closed shorts all day. Took small vertical put spreads on SPY, QQQ EOD at 3:59, lol, nice bounce, see if it lasts eh?
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made bank overnight on eod shorts, added some, made more, closed, done. could bounce likely imo
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SPX holding near 4580, price tested 3x. Be real careful about shorting here, could get bullish again, FOMO play?! No position atm
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Looks like a completed impulsive EW leg down. Opened TQQQ and a handful of SPY calls.
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Pretty confident we gonna get another bullish impulse. Evryone expects downturn, that's when it goes up.
Drawdown was ~140 pips; bullup typically doubles drawdown. Could get double top test of 4800 from here.
Absolutely NO reason why it should bull; that's when it does, lol. Short-killer rallies driven by frantic put holders closing and shorts covering makes these stupid crazy rallies.
When u close ur puts for a loss the MMs who sold them can cover their short hedges in stonks & futurz. Then it pops, OW!
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LOL weekend trade has spx up 50 pips DJI +100, they never quit... expect a stupid pop Monday.
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All out, flipped calls for beer money. I don't trust this market an inch. Short the rallies IMO, see how far it gets.
Thanks for sharing. I am relatively bullish. But it might start going sideways for a while; who knows. Here is my view if you would be interested.
dyellowflash
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I don't think market is bullish yet. At best neutral. If the Asia and UK sessions are bullish or very weakly bearish, then maybe I will clear shorts and take the long side.
shorted Russells yesterday during the premarket highs. Normally I trade Dow and SnP but I tot Russells was foolishly overbrought the day b4 so I accepted the invite and got a full 40 points and TP-ed most of it when Dow was testing Tue's low of session. It was a strange day depending on which indexes shorted. Dow closed in the green and SnP had a near 80% full retracement late on and then a great deal more now during the pre Asia hours so I accepted the invite again. Depending on how it goes - this could be very bearish or bullish - tight stops of less than 10 points will do since already had gotten a big gift in the bag yesterday.
@DaddySawbucks, thanks, though imo you are the better trader. I am just sort of being proficient at punching them in the face when they aint looking kind of trader. lol ... need to watch current price carefully as Dow just broke Tue and Wed lows but uncertain yet if it was a fake or a real break.
DaddySawbucks
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@dyellowflash, it's a scalper's game atm and no clear direction. imo another move higher after consolidation likely
dyellowflash
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@DaddySawbucks, agree. hence, i am also keeping an eagle eye on the price whenever it makes a new low today. No real meaningful drops but also no real signs of bullish reversal so far with 1.5 hours b4 close. I might lighten a bit soon