MFI hit oversold premarket, so I didn't see the tank coming at all. Usually goes up when the market does that.
Complete rejection off the channel line I drew up couple of days ago, appears RSI wants to go oversold as well. the odd thing is RTY never got a gap fill, but the market has been breaking all kinds of rules lately, so I guess I shouldn't be too surprised.
Can't predict everything, I got my gap up and flipped my calls, so I was done for the day anyways. At this point I'm bearish until RSI gets oversold despite MFI being oversold already.
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Consumer confidence number came out at 10am and the numbers sucked. Explains why the market defied my MFI indicator and tanked at 10am.
Guess I better start paying more attention to news, usually it doesn;t matter but the market is definitely on edge.
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I don't think gap direction matters tomorrow, I think we get some follow through for once, then a possible reversal if RSI hits oversold.
yeah i played fade da gap and closed early, what followed was a surprise, surprise, surprise!! Totally figured it would bull after gap close, at least I didn't load up on calls like usual and get killed. didn't get much but didn't get killed, can't complain much. sure looks like this is headed deep south again soon... waiting to see if it does alternating up/down/up day pattern.
BEJLnis
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@DaddySawbucks, I am getting killed, hoped for just a whipsaw and getting back up… but it is grilled and doesn’t want to go back at all…
hungry_hippo
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@BEJLnis, I hope you didn't chase the gap.... I posted I was dumping my calls. At this point I'm expecting RSI to go oversold so you're in for more pain.
BEJLnis
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@hungry_hippo, I did, will wait few days… we will see. I started to follow the predictions and I am -25k, need to have a break I guess…
hungry_hippo
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@BEJLnis, you can't chase a whipsaw market bud. Bull market tactics will get you killed in a bear market. You noticed long or short that I don't hold a position for long because I'm not expecting any continuity in this market.
BEJLnis
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@hungry_hippo, I guess the tank is because of the data came out about Richmond index.
hungry_hippo
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@BEJLnis, I think it's more because of consumer confidence numbers, came out at 10am EST. That explains the early morning pop before the drop. Also explains why retail and garbage like PTON tanked today.
It looked to me early on that stocks were selling off while futures were trying to still pump, and then futures algos threw in the towel.
Oddly I had perfect timing dumping my calls, 15 minutes after open. Explains why futures MFI didn;t matter.
hungry_hippo
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@BEJLnis, I'm looking at intraday charts and the tank definitely started at 10am for everything....
sure looks like this is headed deep south again soon... waiting to see if it does alternating up/down/up day pattern.