SPY is hitting a support zone here - and we might be getting a bounce. IMO - short term long... best for a quick trader.
I am closing my short positions here and looking to reenter if another signal presents itself. It's never a bad thing to take profits.
Of course do your own research and due diligence. This is not any type of market advice and I am not considered to be an expert.- I am only here to journal my ideas.
If you find value in these posts - give me a like and follow.
@The_Stock_Whisperer, Hey I respect your opinion. If you read my post - all I am saying is that we might get a bit of a bounce in the next couple of days so I am taking profit on my puts entered and will be looking for a reentry to the short.
BTW, how did you know I like hanging out in my basement? ;) Peace and Good Luck trading!
Original_Stock_Whisperer
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@SwingTechTrader, Its making a bearish continuation setup to drop if not today, certainly tomorrow. I would sure be using that stop or cashing out mighty soon. It's pennies to the upside. Good luck! Don't be stupid blowing a whole lot of money to literally make close to nothing.
SwingTechTrader
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@The_Stock_Whisperer, Well I agree with you that going long is a stupid idea here - However I am locking my gains from my F $25 puts I purchased a week ago... Market moves in waves and I'll be ready for the next wave down. What we disagree on is that I think we will have a retracement before we go back down. Either way I am happy locking in profits!
Original_Stock_Whisperer
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@SwingTechTrader, oh congrats then! Unless this breaks and closes above 438 which I dont think it is, at all..... it looks like its about to dump out tomorrow morning, unless they just take it sideways and then dump it in the afternoon. I would be more on board with the AM dump within the first half hour of market open..
SwingTechTrader
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@The_Stock_Whisperer, Here is my scenario - I think we will retrace to 450/455 and then I will look for a signal down again. Just a guess though as I am not a clairvoyant.
Original_Stock_Whisperer
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@SwingTechTrader, in the event it broke out of the continuation pattern for the downside.. doing my math, I would be more looking for the 463 area which oddly, closes a gap, makes a lower high and fits in with the pattern. I do get what you are saying with the right shoulder though and re-test from the underside.. I just would be seeing if it can get to the 463 area. But you need to start closing above 438 before that could happen.
SwingTechTrader
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@The_Stock_Whisperer, I suspect today will be an up down day - up till 10 then back down. What do you think?
Original_Stock_Whisperer
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@SwingTechTrader, I think it will be a green day... look at futures.. its bear flagging
SwingTechTrader
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@The_Stock_Whisperer, yes it's looking positive. I've been watching the ES and I think it will hit resistance at yesterdays highs and expect it to go down from there. Time will tell.