I am expecting the market to bounce back up a little from yesterday decline. During the pop I am looking for CLF, AMZN and GOLD to short. The best time to short is to short the pop when it is about to turnover.
Sometimes you gotta know when to trigger the sell. I am glad that I sold NOC, ENER, TSL yesterday. If I haven't, I am about to breakeven on NOC, loss big on ENER, about to breakeven with TSL.
It is always to have a nice start on all 3 picks. It is like scoring first run in baseball or points in football. This morning the SPY bounced back up to 106.60 area. That was the breakdown point from yesterday. So I started to short at that point. As right now, you might see the market will retrace back up every now and then.
Matt, I advised you that you should sell 80 puts. You will collect .60 premium. At most, you are losing only .73 instead of 1.33 if AMZN trades sideway or going higher. You have about 3 weeks till October expiration.
Actually, there was a big gap between 96 and 78 for RIMM from last year. RIMM is very volatile in this gap and don't like to stay too long. It is going to be big up or big down here. for option players this is good.
Today the market bounced off the 13 day moving average. I hope everyone make money today. 2 out of my 3 picks are in the money. AMZN is a strange stock. Nonetheless, I am expecting AMZN to go down with the market.
Are you expecting a gap fill if the market opens higher?
ReplyDeleteTIA
I think he's expecting more than a gap fill.
ReplyDeleteI just went short on GOLD at 72.65, AMZN at 91.70 , CLF at 33.50.
ReplyDeleteWho is with me on these trades?
ReplyDeleteI like the CLF, but have never had any luck shorting AMZN. That stock is wicked mean.
ReplyDeletei missed amzn bot paid 1.50 for the GLD 98 puts.
ReplyDeleteI am going to see if 105.66 holds on the 15 minute and hourly for SPY before I short too much. Why are you not just shorting averages??
ReplyDeleteSometimes you gotta know when to trigger the sell. I am glad that I sold NOC, ENER, TSL yesterday. If I haven't, I am about to breakeven on NOC, loss big on ENER, about to breakeven with TSL.
ReplyDeleteNice call on the GLD
ReplyDeleteMarket condition has definitely changed for the moment.
ReplyDeleteIt is always to have a nice start on all 3 picks. It is like scoring first run in baseball or points in football. This morning the SPY bounced back up to 106.60 area. That was the breakdown point from yesterday. So I started to short at that point. As right now, you might see the market will retrace back up every now and then.
ReplyDeletebtw, i paid 1.33 for the AMZN 85 puts....
ReplyDeletelet's see how we do.
Matt, I advised you that you should sell 80 puts. You will collect .60 premium. At most, you are losing only .73 instead of 1.33 if AMZN trades sideway or going higher. You have about 3 weeks till October expiration.
ReplyDeleteyeah amzn
ReplyDeleteI waited a little longer today to make a move.
ReplyDeleteaveraged into SPXU@46.16
ditched it first time @ 46.67..
rebound tomorrow so people forget about these last 2 days over the weekend?
RIMM
ReplyDeleteI am looking for a weak close. Long SDS, as is SPXU more than I can handle right now:)
ReplyDeletei agree and rimm looks like it might disappoint
ReplyDeleteThis market is very resilient. I feel like the short side is a crowded trade.
ReplyDeleteActually, there was a big gap between 96 and 78 for RIMM from last year. RIMM is very volatile in this gap and don't like to stay too long. It is going to be big up or big down here. for option players this is good.
ReplyDeleteI'm opening a short position if we close below 1052 SPX Cash.
ReplyDeleterimm poop the bed
ReplyDeleteToday the market bounced off the 13 day moving average. I hope everyone make money today. 2 out of my 3 picks are in the money. AMZN is a strange stock. Nonetheless, I am expecting AMZN to go down with the market.
ReplyDeleteretail got a big upgrade today
ReplyDeleteSo from open SPY to 2:20pm low we had a 38.2% retracement to 105.33
ReplyDelete