My chart readings are based on previous events. Take a look at the RSI, in particular my level set to 19 and change. Previous times where this level was reached, the market changed direction soon after.
Also, take a look at McClellan Oscillator. Compare Oct 09, 2008 and today, they are very close in value. The 9th was a Thursday. The 10th, Friday, saw more selling and the following Monday, people were buying. Could this repeat? I've used the oscillator for years as a barometer for when the market is oversold and have had great success with it.
If the market opens with some selling, I plan on buying a small amount of SPXL. However, I won't be holding onto it for long. There is too much fear and uncertainty. If no one comes up with a quick solution to the Coronavirus, I think we were about to enter a global recession.
BTW, the blue line is where I plan on buying. I'm thinking the selling will hover around that area. But I could be wrong....
Also, take a look at McClellan Oscillator. Compare Oct 09, 2008 and today, they are very close in value. The 9th was a Thursday. The 10th, Friday, saw more selling and the following Monday, people were buying. Could this repeat? I've used the oscillator for years as a barometer for when the market is oversold and have had great success with it.
If the market opens with some selling, I plan on buying a small amount of SPXL. However, I won't be holding onto it for long. There is too much fear and uncertainty. If no one comes up with a quick solution to the Coronavirus, I think we were about to enter a global recession.
BTW, the blue line is where I plan on buying. I'm thinking the selling will hover around that area. But I could be wrong....
Comment:
Woke up late at for the open. Ended up buying SPXL cheaper than anticipated. Lets see if the FED steps in to encourage the bulls.
Comment:
I'm taking some profit. Selling a third of my shares. Could see this going higher but anything is possible.
Trade closed manually:
Sold the rest of my SPXL. Things got really bad for the S&P. Unless another cut comes, I think we will continue to slide. I wish I was able to buy some SPXU. Oh well!