Still holding my shorts. I tried to sell half of them at the most optimal time but my internet crapped out on me. Was hoping for a revisit but never happened. I'll try posting my SPXU charts. That's what I use to short the market. Looking for the market to re-enter the November channel (black parallel lines). Might be wishful thinking but a lot of my other indicators showing there's room for more selling. Fear/Greed indicator shows quite a bit of fear, but it's understandable given the climate we're in.
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For the bulls, you're not out of it. We're still in striking range of the blue line (2656). If they win this back, I will probably take some of my profit off the table. Things COULD get bullish from there.
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I've been looking at my charts from a 5min perspective and didn't think to zoom out a bit. Noticed people mentioning the potential triple bottom. Man, all the more reason to take some risk off the table and sell your puts. Oh well. Hopefully, it will work out in the end.
I think you shorts are too optimistic. Look back at charts in past topping patterns. Markets take a year or more to top out. Yes, there are a ton of short term shorts available (as there are dead-cat bounces), but it could be anywhere from 1 week to 9 months before the market plummets.
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@stuartsfleming, I could be wrong with my shorts. Based on the charts that I look at, bears aren't exhausted in the short term. Please remember that I am only looking at a 15 min time frame and I'm only looking for maybe a 50 point drop which very doable. Friday had over a 60 point drop. I have no idea when the market will plummet nor do I attempt to make that prediction.
In regards to the number of available contracts, I think that's the perfect time for the market to plummet. I'm not saying it will happen soon, but the market tends to do things when no one expects. IMHO, I think holding long-term puts wouldn't be a bad idea. I follow others people on another board, and several are holding market crashing shorts.