emehoke

nasdaq daily. simple take. limiting assumptions.

Short
CME_MINI:NQM2021   E-MINI NASDAQ-100 FUTURES (JUN 2021)
Quick lay of the land. Yesterday's candle was a gravestone doji , which is a bearish reversal candle.

Comments

I saw a Gann chart a week ago that drew a circle with its center in 1985, IIRC. The author clearly hoped a crash wouldn't happen, but said that one was still possible in the next 2-3 weeks. IMO the market seems shaky. I bought a few DIA Aug 20 '21 $285 Puts on Tuesday, a bit early as usual--they are at least 10% cheaper now.

Just playing a gut hunch--probably won't happen, but if it does, it should be apocalyptic.
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@ichman thanks for sharing.
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ichman emehoke
@emehoke, Wild gamble, but at least it's on record now!
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emehoke ichman
@ichman, where do we go from here?
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ichman emehoke
@emehoke, No idea. Probably the stock indexes will just wander around; a little up, a little down. I just have a vague feeling that a Black Monday could be lurking in the wings. That's all. No charts, no science--just an uneasy feeling. And that Gann Sacred Geometry that went back to the Reagan years was just enough to push me into taking a crazy flyer on the puts. This goes beyond gambling! But if that Gann guy was correct and a massive pattern that has been building from the mid-1980s has reached its peak, the downside has to be tremendous. And stocks jump off of a cliff when they plummet... I'll probably lose my ass on this roll of the dice.
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@ichman Gann people are nuts.
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ichman emehoke
@emehoke, I tried to make that stuff work, but it was beyond me. I just trusted that this guy was competent, and that the critical point he identified was "valid"

We'll see what happens. Probably 100:1 that I take a beating; maybe more
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@ichman the gann guy I came across was an antivaxer.
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ichman emehoke
@emehoke, LOL! Sacred Geometry can warp the mind!
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