Really odd, RTY mFI is moving down but NQ is actually headed towards overbought again. I guess there's just too much money floating around for the market to drop at all. People buying the dip on garbage like PTON.
With RTY and NQ MFI going in different directions, I have no idea what happens here towards close. Staying cash.
Chances are pretty good that next week winds up being a whipsaw week on earnings,.
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I've decided to take the week off next week, so don't expect any updates.
Market just whipsawing sideways, decided to move some money around and consolidate my accounts. No point in getting whipsawed into a loss.
I'm bullish on PCAR earnings, but at the same time I think it's be a pump and dump like last April. They'll beat on earnings but I think guidance will be "meh". Not enough to break the stock out in this whipsaw market. PCAR is usually weak during the summer.
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I did a beer money bet on BITO (BTC) puts on the last bounce, so I might post an update Monday since I'll have to close that out.
Probably gonna bounce and do a H&S pattern, but if it breaks 26,700 support it's headed straight back to 20k
Are you still in the BITO puts? BTC just dumped hard on big volume. Nice call
Trebor74
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have a nice weekend bro!
hungry_hippo
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@Trebor74, you too. Not much to trade on this week, but at least I gave everyone good advice not to go long on NFLX and TSLA earnings. Sometimes the best advice you can give is to tell people not to trade, lol.
mc_speculator
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yeah no kidding. I bought tqqq otm calls before it broke out yesterday for 5/5 and then ended up buying some otm june spxu calls. Looks like we want to fill that spx gap fill at all costs and it grinds up the way of big tech etc. it's just much easier for them to move the nas and why we gap filled there already. Ive noticed that when RSI lags MFI, RSI catches up, lol. dip buyers, and vice versa...then once rsi gets overbought/oversold is a good buy/sell signal. depending on tf, i use the 15 a lot to time entries / exits in those scenarios compared against the longer tf like your 3hr
hungry_hippo
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@mc_speculator, just a stupid whipsaw, taking next week off.
mc_speculator
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@hungry_hippo, yeah, annoying. it's just grinding up day trading.
hungry_hippo
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@mc_speculator, yeah, I should've held my BITO puts yesterday, lol. Only crap that's tanking. I got sketched out because gold went up and yields went down.
mc_speculator
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@hungry_hippo, I hear ya. prob short term short covering today too into opex. whippy. i shouldve wait until next week but couldn't help myself yesterday. only down a bit overall but tqqq calls are -30% (small position otm 5/5 anyway)
mc_speculator
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@hungry_hippo, im still short RIOT sept puts (only 10 contracts, sept $7 lol) that turned shit fast. But i freaking crushed the april calls so it's a free roll, caught a ton of that move from 9ish on 20 contracts lol. I should just bailed on those but those are only down $571 as of now. I think crypto has topped this year and we don't have much upsdie in indices besides that gap fill we are looking for in spx. That damn gap fill!! lol you've got me stuck on that thing
hungry_hippo
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@mc_speculator, probably a mistake but i grabbed 10 BITO $16 puts for next week on that last bounce. Probably bounces Monday, lol. Beer money bet for next week.