Sorry for the late post again. I hate early meeting on the job.
The market is at the very support level. The SPY is at the major support level at 102.
Either you can play the morning gap or sit in wait to see what will happen. But be careful about "catching a falling knife". I don't know if you have a chance to read my last post from yesterday about similar pattern first couple trading days on September. The first day of September the market went down hard. The following day it continued to trade in a narrow range just below the yesterday low. Today it could be a very similar pattern. It could be the bottom of SPY to set up for a major runup at the end of the year.
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I have a few posts today on yesterdays date. I think too many people are expecting the 50 dma to hold so I am short via SDS for a qick break to new lows in SnP today. anything is possible, of course.
ReplyDeleteHi GCL, Good Morning...
ReplyDeleteare you planning to initiate any shorts/longs... i am really confused... went 100% cash. wish i had some puts. anyway, whats your plan for today? do let us know if you initiate any positions
It seems like gold stocks are performing well because of the spot gold. AMZN bounced off 90 support level. NOC bounced off from 50 level.
ReplyDeletestm, I know everyone was against me on my targets for QQQQ and SPY. If the market penetrate into yesterday trading range, you could see a strong reversal of big long white bar. I am still stand on my targets. Like I said yesterday, today "could" be the bottom just like the following day after the first trading day of September.
ReplyDeleteyes, I missed the GOLD trade this morning, but still expecting things to roll over today. Too many buy the dipsters and IF we go to new lows today it will get ugly real fast.
ReplyDeletegcl, we are very oversold short term, and dollar is going down, so may get your target.
ReplyDeleteQuite the battle going on here. gold stocks are super strong, and SnP may follow. I hope not, as I am still short.
ReplyDeleteIn a normal market, that would be the gap fill and things would roll-over now. But, this ain't your Daddy's market now, is it?
ReplyDeleteSell short SPY above 103
ReplyDeleteI just doubled down on my SDS. if things get crazy, i will have to eat my big loss today. AAPL is ridiculous, new PT of 260 or somethig
ReplyDeletei went short on the B/O (over 103) with bearish readings.
ReplyDeleteOne of these days we will actually get a sell off into a Friday close. Everyone is always covering their shorts on fridays lately. This thing need to turn now and on the hourly chart
ReplyDeleteJDT, you just described characteristics of a bull market.....
ReplyDeleteSCARY
Oh, yeah. thats more like it. just sold 25% of SDS. gonna try to hold the rest until close or new lows on SDS.
ReplyDeleteis the market waiting on the olympics announcement?
ReplyDeleteGOLD is starting to roll. I really thought that it would fill the gap at 63 and that's why I did no buy it today. Maybe it will still try to fill.
ReplyDeleteI will be away from my desk for awhile. Someone is leaving the company. Today is his last day. My team is having a lunch with him. I still have my iphone to check latest news and quotes.
ReplyDeletecovered SPY 102.6. Seems toss up here.
ReplyDeleteS. Mantra. I am going to take my chances and still looking for a sell off to test todays lows. It just cant be that easy...buy the dip on the 50 dma and you make money. Way to obvious for me. but, when everyone thinks it works, sometimes it does (for awhile). Nice trade.
ReplyDeleteI would still think market would go down. I am looking for a better entry for short, waiting for technicals to tell me. I see red and green bars alternating in all intraday frames, meaning indecision. But if I see too much optimism, we may get another oppotunity to short at a better price.Right now standing by for opportunity to present itself than forcing into it.
ReplyDeleteWell, i feel like i am on the wrong side of this trade today. it looks like SPY wants to do a smiely face break out to new day highs. Will have to see what happens in last two hours.
ReplyDeletegold stocks rolling over and hitting new lows. will the market follow???
ReplyDeleteTook a chance with tight stop. Short spy 103. Tight stop 103.15
ReplyDeleteWatch 102.7 closely. If it breaks we will go down big
ReplyDeleteK, thanks S. Mantra. I am still in my SDS. its been a tought hold today. we shall see how it works out.
ReplyDeleteI am out at 102.82, it seems market does not wants to come down.
ReplyDeleteare we setting up to break 103?
ReplyDeletetrendline is still showing support?
it's getting close to that time
the move always seems to happen after i post. ugh.
ReplyDeletelooks like it might be broken.
(was talking 15 minute chart SPY)
I am buying SPY at12.75 target 104, Stop 12.5
ReplyDeletethat was 102.75 and 102.50
ReplyDeletei am out.
ReplyDeleteI'm back. Wow, I guess that I didn't missed much.
ReplyDeleteI just bought AEM at 63.95.
gcl, you missed absolutely nothing. very boring trading day. looking for your target to hit early next week on SPY, and then I want to go short
ReplyDeleteinverted hammer setting up on SPY.
ReplyDeleteStopped out. Knew it was self destructing move going long in this market. Nice weekend.
ReplyDeleteSPY, trading exactly like it did first two days of Sept., but on 50 dma this time. It would not surprise me to see them take this thing up.
ReplyDeleteI warned you yesterday and earlier post today. It will trade in a narrow range. Today action is very similar to the 2nd day of trading in September. The market is at the very strong support.
ReplyDeleteHave a great weekend.