was i stupid to expect a decrease today? What do you think? Did the 14030 level not capture the market? Is the debate over the debt ceiling just a farce?
Should I dump the short position or wait until Tuesday?
jakslo23
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@Trebor74, wait, we went too soon, but that's ok. I am sitting on 5 short at 14025, 085, 135, 200 and 300. My stop for all is at 600, which means I am risking 1/4 of my profit this year. Not sure about your current balance, so decide accordingly. Answering your question - yes, debt ceiling drama was BS, the dump will probably begin once they reach the agreement. I thought they will today am, but McCarthy is a liar like all politicians.
Trebor74
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@jakslo23, I am sitting at 14030 and I will throw away half of this year's profit if I close the position. Upon opening, I expected a short drop, which I would have been satisfied with. What happened??? The market went wild because everyone is short. ( i think)
Divergencify
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@Trebor74, @hungry_hippo I lost 4k today on that pump, some indication that it my go down. Not investment advice. Take care
hungry_hippo
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@Trebor74, I don't give advice to people that are underwater. All I know is I was expecting a gap down in PCE numbers (which were indeed bad) and didn't get it so I bailed on my puts. I even mentioned it in my post. For me it was strictly a gap direction play.
When the market doesn't do what you expect, that's the time to dump your position. My expectation is a pump and dump Tuesday, but I have no idea if the market tanks or just dips. Hence I can't give you advice because I don't know. You could recover some of your money Wed or be worse off, I dunno.
m3t4lz0n3
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@hungry_hippo, true that. i always dump if my loss for the day exceed 2%, but i believe Tuesday will have correction and then all in BTFD for Melt-Up phase 2
hungry_hippo
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@m3t4lz0n3, tomorrow is decision day for you. I still have no advice, I don't want to be responsible for someone else's losses. I'm short BUD but with today's profits only.
@m3t4lz0n3, Could just be a one day pop, MFI went from overbought to oversold in 3 hrs, could do the opposite tomorrow. These are 3 hr indicators.
That's why I didn't want to give advice, wasn't sure how much the market would go down today.... but I was right that it was a pump and dump day.
hungry_hippo
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@Trebor74, it was not stupid to expect the market to drop today because PCE numbers sucked. However, you should have bailed when the market didn't gap down. I took my loss at open and bailed. Any time the market dumps on inflation numbers it gaps down.
Is the debate over the debt ceiling just a farce?
Should I dump the short position or wait until Tuesday?