Good Afternoon Team, The market played out as we called it with a $460 push to only be rejected and create a lower high and lower low. Bulls step to the side for now, as the bears have taken over on a day to day basis. As of now the market was unable to hold the Weekly $456 support which opens the door for a $440 flush next week. Expect a bounce starting Monday before you get the flush as we are a bit oversold on the intraday charts.
Looks like its everything is just gunna hit its down haha
johnston151
⋅
In regards to FCEL, I've been riding puts the past week on the 8$ zone, and at the end of the day it had a large increase of volume from 7.10-7.30 10million+ over the AVG intraday. I'm Thinking it might try to touch 8~8.50 one more time before coming down to 6.50 in the next 2 weeks, What is your opinion on that? With the market as its been, and the low volume sell off I'm curious, but friday looked like a moderate interm reversal up to those areas I first mentioned.
I have doubts on it with the introducing to tapering, and uvxy.
If it breaks below 7.18, I am absolutely switching off to 6.50 puts though..
TTMTrades
⋅
@johnston151, Great analysis and I am in complete agreement with you on the possible $8.50. I believe the market as a whole wants to have a short term rally before finally selling off. So I closed most Long (Options) side positions going into the weekend just due to expiration date and the possible rally (Theta will kill me). I want to try and reposition myself with more time on my side going into the next leg down.
johnston151
⋅
@TTMTrades, I'm just really curious over-all if its just doing a loop repeat pump and dump, cus the only time in the option chains I see beyond 20+ as the final strike, is January 22-24, on leaps, its only ever on the Q1 Earnings report, so it could be just a total algo manipulation pump and dump. I mean that would be sick tbh. I lotto called 8$ puts Tuesday - Friday, then dumped into 7$ puts at 0.01 ( it got to 0.04 ), then i lost trying to long uvxy haha