MFI hit overbought right before open, my indicators work like magic, lol.
No compelling reason to go long on anything today, and like I said yesterday if you plan to buy and hold just wait until next year. I stayed cash in my 401k for 2 years in the last recession, missed the bottom but still way better off than if I had held.
On the next bounce, I'm gonna focus on companies that are headed for bankruptcy. Look for money losing companies like W and PTON, both down big today. Bankruptcy is almost guaranteed for money losing companies, bare minimum companies will have to dilute to survive like FCEL and BLDP have been doing for the past 2 decades (look at their charts, lol)
Bearish on crypto as well, but cryptos don't report earnings, lol. They also can't go bankrupt, but the people holding them can. I think companies headed towards bankruptcy will drop faster than crypto or sectors reporting bad earnings (like financials I mentioned yesterday).
Selloff probably continues Monday as investors digest the news. Algos now have to sell futures with nobody buying stocks.
No compelling reason to go long on anything today, and like I said yesterday if you plan to buy and hold just wait until next year. I stayed cash in my 401k for 2 years in the last recession, missed the bottom but still way better off than if I had held.
On the next bounce, I'm gonna focus on companies that are headed for bankruptcy. Look for money losing companies like W and PTON, both down big today. Bankruptcy is almost guaranteed for money losing companies, bare minimum companies will have to dilute to survive like FCEL and BLDP have been doing for the past 2 decades (look at their charts, lol)
Bearish on crypto as well, but cryptos don't report earnings, lol. They also can't go bankrupt, but the people holding them can. I think companies headed towards bankruptcy will drop faster than crypto or sectors reporting bad earnings (like financials I mentioned yesterday).
Selloff probably continues Monday as investors digest the news. Algos now have to sell futures with nobody buying stocks.
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I woke up, saw this, added to my XLF and BITO puts on open and went back to sleep, lol. Sorry for the late post, I know some of you guys are counting on my premarket updates. I don't get paid to post (aside from one guy that always throws coins my way).
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My expectation right now is down Monday, reversal Tuesday and they pop it up Wed on something stupid like NFLX earnings (after market close Tue)
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Considering the buy volume yesterday, the only people with money to buy are short term traders and algos. All of the buy and hold investors are done at this point, unless they're like me and waiting until next year.
Watch NFLX earnings next Tuesday after market close, I think it causes a bounce, not sure which way it gaps though, lol.
Watch NFLX earnings next Tuesday after market close, I think it causes a bounce, not sure which way it gaps though, lol.
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The last short squeeze really lasted only 2 days, this one 1 day. The market can't even squeeze shorts anymore.
At this point just pay attention to the 3 hr, and short any time we get a bounce. At least until the weekly gets oversold, then we get another bear market rally
At this point just pay attention to the 3 hr, and short any time we get a bounce. At least until the weekly gets oversold, then we get another bear market rally
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Expecting next week to be similar to this week, with the big gap happening either because of NFLX or TSLA earnings Wed/Thu. Gotta have at least one green day every week, so watch out for that.
BTC finally starting to move, I don't think people who have crypto wallets are too concerned yet but people in BTC funds like BITO have to be selling because they'd be trapped over the weekend with no way out.
BTC finally starting to move, I don't think people who have crypto wallets are too concerned yet but people in BTC funds like BITO have to be selling because they'd be trapped over the weekend with no way out.