Final post for a few days.. because you know what I am doing. Not looking at the market. AT ALL. So many worriers. I see you on here, I am getting the messages.
Lets look at SPY... see this wedge its in, its bearish. It will retrace to the breakout.. meaning SPY will be in the teens.. and if you think the teens is bottom, you are kidding. QQQ and SPY have an ENORMOUS drop coming. If you haven't read some of Bulkwoskis books, do yourself a favor, pick them up. Throw away your Bollinger band garbage, your vwap and your Elliot Waves and your Moving Averages and whatever other nonsense you put on a chart. Dont take my word for it, pick the books up and read them. See for yourself.
Lets look at UVXY...
I very much like that after another $1 drop... let it get to the 14ish level and you should see some movement up on it.. its doing a nice job of holding that ascending pattern and making higher highs....
Lets look at VIX, I know so many of you like to do that...
What do you see?
I see a certain member of this group is saying he will delete his twitter account if SPY is not at 480 by the end of this week. Hahahaa. Good luck with that! Is this why you guys panic so much? because you hear these things or read whatever marketwatch is saying? This particular member claims to have taking a 180k loss on a trade not long ago on his twitter account as well. Yikes. Anyone who loses 180k on a trade sends a red flag to me.
Please take a look at the weekly chart. Scroll back to 2010. Look where we are now. Do you really think the bottom is in on the market? If you do.. go pick up those books and stop listening to twitter and youtube people.
Would I be worried? If you put 80k on puts expiring next Friday for a 420 strike, I would be nervous. If you put 80k on puts for May... no, I wouldnt be. But why would you put 80k on options? Even if you have 800k in your account or maybe a few million. That seems like a nice chunk of your account to put on an options play. Especially one with a short time frame. Simply put, I would put that on shares but on an options play.. to much money to box yourself in on a time deadline.
Am I red on a few of these positions.. on SPY, QQQ and AMZN I am a little red. Am I panicking, nope. I don't think you should either unless you are in options with a short expiration date... don't put yourself at risk doing that and if you do.. you should be running a tight stop on it.
Enjoy your weekend... see ya guys. This is to much work for me....... I own a business and that's my focus. Not the stock market. I feel bad for some of you panicking and sending me messages and all that. I do this for free and kicks, I post stuff. I am not a financial guy mangling your account. If I were, I would be asking for a cut off all that you guys have made and I know some of you have made a nice chunk of money. I also dont panic and worry over every move either. I look at the bigger picture and realize if nothing else re-tests and retraces are part of the game. If you want to panic and run for the hills... feel free to do so. The market will have its downside coming. Whether you run for the hills and exit on the first red candle is up to you but when the market is in the 3s in a few weeks will you kick yourself? Again, go on the weekly time frame and draw your wedges, your trends... next time, dont go in super huge and box yourself in with short term options... you are then saying I want this price at this date and if I am wrong, my money is zero. You better be keeping a tight stop on that then. That is not how I play the market and never will....... even when something looks crystal clear and I am in a few plays that I took yesterday and today that look crystal clear and are doing well. I still would not be in options with them. Play at your own risk though.... But the point of this, I would not be panicking. The stock market is not going to 480 this week. lol Enjoy.. or try to. Lifes to short for this.
Lets look at SPY... see this wedge its in, its bearish. It will retrace to the breakout.. meaning SPY will be in the teens.. and if you think the teens is bottom, you are kidding. QQQ and SPY have an ENORMOUS drop coming. If you haven't read some of Bulkwoskis books, do yourself a favor, pick them up. Throw away your Bollinger band garbage, your vwap and your Elliot Waves and your Moving Averages and whatever other nonsense you put on a chart. Dont take my word for it, pick the books up and read them. See for yourself.
Lets look at UVXY...
Lets look at VIX, I know so many of you like to do that...
I see a certain member of this group is saying he will delete his twitter account if SPY is not at 480 by the end of this week. Hahahaa. Good luck with that! Is this why you guys panic so much? because you hear these things or read whatever marketwatch is saying? This particular member claims to have taking a 180k loss on a trade not long ago on his twitter account as well. Yikes. Anyone who loses 180k on a trade sends a red flag to me.
Please take a look at the weekly chart. Scroll back to 2010. Look where we are now. Do you really think the bottom is in on the market? If you do.. go pick up those books and stop listening to twitter and youtube people.
Would I be worried? If you put 80k on puts expiring next Friday for a 420 strike, I would be nervous. If you put 80k on puts for May... no, I wouldnt be. But why would you put 80k on options? Even if you have 800k in your account or maybe a few million. That seems like a nice chunk of your account to put on an options play. Especially one with a short time frame. Simply put, I would put that on shares but on an options play.. to much money to box yourself in on a time deadline.
Am I red on a few of these positions.. on SPY, QQQ and AMZN I am a little red. Am I panicking, nope. I don't think you should either unless you are in options with a short expiration date... don't put yourself at risk doing that and if you do.. you should be running a tight stop on it.
Enjoy your weekend... see ya guys. This is to much work for me....... I own a business and that's my focus. Not the stock market. I feel bad for some of you panicking and sending me messages and all that. I do this for free and kicks, I post stuff. I am not a financial guy mangling your account. If I were, I would be asking for a cut off all that you guys have made and I know some of you have made a nice chunk of money. I also dont panic and worry over every move either. I look at the bigger picture and realize if nothing else re-tests and retraces are part of the game. If you want to panic and run for the hills... feel free to do so. The market will have its downside coming. Whether you run for the hills and exit on the first red candle is up to you but when the market is in the 3s in a few weeks will you kick yourself? Again, go on the weekly time frame and draw your wedges, your trends... next time, dont go in super huge and box yourself in with short term options... you are then saying I want this price at this date and if I am wrong, my money is zero. You better be keeping a tight stop on that then. That is not how I play the market and never will....... even when something looks crystal clear and I am in a few plays that I took yesterday and today that look crystal clear and are doing well. I still would not be in options with them. Play at your own risk though.... But the point of this, I would not be panicking. The stock market is not going to 480 this week. lol Enjoy.. or try to. Lifes to short for this.
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and for those of you that are so worried about trendlines.. I get it. I do.. but imagine what the people of RNG were saying when it broke... its going to 1000? Umm... guess what. It didn't.
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There are going to be lots more cry babies around here soon... the market is rigged. Waaa waaa wa.... stay tuned.