Looks to me like the market is melting up, so I drew up a different possible scenario here with a shallower channel. Seems sort of crazy, but remember the market is all about money flow, valuation means nothing. Market has to keep going up as long as the money flows in.
Everything went up except FB, because FB sucks.
Everything went up except FB, because FB sucks.
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Futures pumping again, I guess they really want that $280 mark. If it continues overnight, then we're going full pumptastic.
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Dumped some stocks (LULU, QCOM, MU) out of my 401k this morning, maintaining core position of CIEN, NOK, and INSG long term (5G stocks). We're close to the top of the channel I drew up anyways.
Outside of the 401k, I had some XRT and CIEN calls which I also dumped this morning. It's a dangerous market to short, so I'm holding cash to buy calls on the dips.
FAANG stocks, retail, chip stocks, and Mexico all look weak this morning but it could just be a hangover from yesterday. Financials look strong today, but it's probably a fake breakout.
Outside of the 401k, I had some XRT and CIEN calls which I also dumped this morning. It's a dangerous market to short, so I'm holding cash to buy calls on the dips.
FAANG stocks, retail, chip stocks, and Mexico all look weak this morning but it could just be a hangover from yesterday. Financials look strong today, but it's probably a fake breakout.
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Market looks weak, prepared for a couple of down days... who knows though, it's thrown more bear traps than an Alaskan hunter. I think the market gaps down tomorrow and possibly Friday, setting up for another Friday afternoon reversal like last week.
Shorted Mexico (EWW) and Turkey (TUR) today, holding positions overnight. That's about all I got.
Shorted Mexico (EWW) and Turkey (TUR) today, holding positions overnight. That's about all I got.
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Whipsaw, lol. Dropped the EWW/TUR puts in the morning, wish I had picked up some calls. Indices have flatlined after the gap fill, with no clear indication of which way it wants to go.
When in doubt, guess up because that's the direction it was headed before the retail numbers, which the market obviously ignored since reatil (XRT) is now positive for the day.
Picked up a small position in XLF calls this morning, will hold overnight (I think). Looking for a gap fill in financials.
When in doubt, guess up because that's the direction it was headed before the retail numbers, which the market obviously ignored since reatil (XRT) is now positive for the day.
Picked up a small position in XLF calls this morning, will hold overnight (I think). Looking for a gap fill in financials.
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Another bear trap, XLF gap filled, 100% profit, done for the day.
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It appears that SPY completed a 5 wave move up on the intraday since last Friday, FAANG stocks in the red and NASDAQ showing weakness.
If recent intraday patterns repeat, we're looking at 2 or 3 down days next week. Then again we may just get another bear trap. Daily candlesticks look like a repeat of last June which would indicate a gap up Monday.
Until SPY hits $280, I prefer to buy dips. It is a difficult market to short. It will hit $280 if a China deal gets done over the weekend, that's pretty obvious at this point.
I'm 40% in stocks in my 401k until SPY hits $280. No position in my regular account until I see another obvious opportunity.
If recent intraday patterns repeat, we're looking at 2 or 3 down days next week. Then again we may just get another bear trap. Daily candlesticks look like a repeat of last June which would indicate a gap up Monday.
Until SPY hits $280, I prefer to buy dips. It is a difficult market to short. It will hit $280 if a China deal gets done over the weekend, that's pretty obvious at this point.
I'm 40% in stocks in my 401k until SPY hits $280. No position in my regular account until I see another obvious opportunity.
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Melt up channel is obviously still valid. Amazing market, impossible to short. Hilarious that I made money today on XLF calls considering futures were in the crapper when I went to bed.
CIEN hit a new high today so the 401k is happy. (Note, this is a long term 5G play.) XLNX seems to indicate that we're gonna have one more up day, but who knows, end of day action has been wrong more often than not.
Have a good weekend.
CIEN hit a new high today so the 401k is happy. (Note, this is a long term 5G play.) XLNX seems to indicate that we're gonna have one more up day, but who knows, end of day action has been wrong more often than not.
Have a good weekend.