Double Top Pattern Could Get Real Rough

Lotta folks sayin 'the bottom is in!' 'buy now!' get in before it's too late!'

IMO it's still too early to ride this bronco. Double top pattern appears before capitulation.

Next week could be a real rough ride. Triple witching OPEX this Friday. Indicators say SELL.

I wouldn't take any longs yet. Rather miss the bus than get run over. I'm just funny that way.

GLTA

Comment:

Gosh hope this idea saved you a few bucks if you closed those longs. If not, see if we get some retracement, although gaps after a hanging man have not been filled right away.

Trade active:

Flipped a few calls, holding nothing. I have no confidence in market atm. Might fill gap might not.

Watch, wait, keep your money.

Comment:

Pattern unfolding suggests an 'M' harmonic may appear. Do not want to get caught long in the right leg downdraft IF it comes, expect it could double bottom and may extend below 17 Jun lows.

Not sayin this WILL happen; just be wary that it COULD, eh?!
There would be fat ladies singin out loud if it goes there imo...

Comment:

Looking at the weekly, daily chart, price has gapped strongly down twice this week and retraced twice to lower highs. It is clearly still downtrending, not seeing definite reversal sign yet. EOD today lower than yesterday, which was lower than Tues.

Lower lows, lower highs... fat lady didn't sing yet imo.

These retracements are chancy, but you can bank off them. Still not holding calls at night!
OPEX Triple witching Fri. One more disappointment will tank it hard imo.

Comment:

Wouldn't chase this overnight pump, just watch it a while. Traveling today, may not take a trade.

Trade active:

Trades near R. Flipped few puts tryin for gapfill, got a partial. Took calls, flipped, closed. Sit in cash. More whipsaw.

Comment:

Gap didnt' fill in 2 hrs, might be a wait, 0dte dailies probly gonna be losers imo, who knows.

Trade active:

Had a few qqq p closed em. Might get a wee bounce eod or Tues. So chancy now.

Comment:

IMO market should get lower low but daily fluctuations are so volatile, just get killed both ways.
Needed calls in the AM and puts afternoon. Pure guesswork.
I shorted qqq up at 296 and covered for $2 thinkin it would bounce from 294. Now look at the damned thing.

Comment:

DJT are green and RUT is -.20, these remain bullish. Not chasing either way. Most of the sale is tech.

Comment:

Took 3 qqq 290 c

Comment:

closed

Comment:

QQQ traded over an $8 range today. Price got smacked, more smacking soon imo.
Entries are key, you can lose money buying puts in a bear market!

Comment:

Opening bear spread AH:
-3 Jul-20-22 $283 Puts
+3 Jul-25-22 $290 Puts
net debit $4

Trade active:

Getting greedy, added a spread at 16:13 now in 4x$4

Comment:

IBM beat ER, QQQ hardly moved

Trade active:

Closed short legs for 19c. Added 290p, 293p 7/25 strikes, six each

Comment:

Added 4x 292p

Comment:

Rolled 290p into 292p #6 now in 10

Comment:

added 2 293p now in 10 each strike

Comment:

Closed all ITM and green!

Comment:

So rolling and flipping turned overnite pump loss into gains, heh. Going into 1dte 292p now.

Comment:

Opened 10 qqq 292p 7/20 net debit 2.5

Comment:

Closed the 292p for 2.7 opened 4 291p it's green, take it!

Comment:

Closed 291p for push seems like it wants more pump, chancy. Green on the day!

Comment:

Irrational bullishness just stupid but there it is. Pumptarded!

Comment:

Astounding dumbo pump. Obviously a trap but it squeezes shorts and drives higher. Stepping off for a bit.