It is slightly up in the premarket. There is no gaps between the current price and 110.30 for SPY.
There are still some gaps to fill below. For a shorter term, if SPY breaks below 102, it can go to 94 to 95 area which is 7 or 8 points from here. If you add 7 or 8 points from 102, SPY is at 109 to 110.
It moves 7 or 8 points trend.
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I am shorting the SPY at 50 dma via SPXU. no conviction either way and will cover if it goes to far against me
ReplyDeleteWow, two 90% plus downside days last week and they are trying to take it up today. I was/am looking for a breakdown below yesterdays low and a quick blip to 102 - 103 in SPY and then a bounce to 107.5 ish.
ReplyDeleteI really like SRS here. May be a few days before it pops, but looks pretty good
ReplyDeleteThe market is very volatile. The investors are nervous. So far we have seen the market rally on daily or 1 day timeframe. Spot gold jumped today.
ReplyDeleteYes, I got eaten up last week. I like the volatility, but hate that we cannot get a few days in one direction. what are your thoughts on today? Looks like it could go either way, but if we get some weakness, it will roll over quickly...b/c of all the people that bought Friday near close and this morning will have to sell and get out. I think gold stocks are fairly weak considering gold's spike. not sure what to make of it
ReplyDeleteSPY and QQQQ both bumping up against their 50 dma. would love to see them stall in here and roll over at end of day. We could then look for a sell off thru Wed or so.
ReplyDeleteJDT, the short term move is down. Right now the market is in the transition phase. In order to confirm an intermediate downtrend, the market needs to close below the 50 day moving average and the 50 day moving is going down.
ReplyDeleteRemember, TWO 90% plus downside days in one week. that is a VERY bearish indicator.
ReplyDeleteRight now it is 2 steps down, 1 step up mode.
ReplyDeletegcl, yes, I agree 100%, just looking for a few more days of sell off!!!
ReplyDeletewatch the VIX on the close today. If is closes above 29.55 it will hold last fridays 4 month break out above that level.
ReplyDeleteSRS showing some strength. It has lagged the SKF on this recent selloff. I am watching IYR and think it will roll over.
ReplyDeleteI just exited 75% of my SPXU and SRS. not gonna get greedy after my chitt week last week
ReplyDeleteThe SPY could go back up to 105 from now.
ReplyDeleteI am out of V at 56.90. MA is reporting earning tomorrow.
ReplyDeleteIt should be 76.90, not 56.90.
ReplyDeletegcl, i actually think they sell them off some more today, i just did not want to give back andy profits after my poor trading week last week. I am still long 25% of SPXU and SRS
ReplyDeleteI see exhausted selling and a good effort at 12:50 and 12:55 candles.
ReplyDeletegold stocks look interesting here for a long trade
ReplyDeleteI have been looking at V several days. I coulda buy and sell several times with V between 75 and 78. So I decided to sell this times. MA is reporting tomorrow before the market opens. If V opens up tomorrow, at least I don't have anymore. If V opens down tomorrow, I can get back in. I want to play it safe. It is better be safe than sorry. Right now the market is tends to be oversold. I am looking for a bounce back up.
ReplyDeletewow, they have absolutely slaughtered X and AEM (AEM missed numbers on earnings report and lost some credibility)
ReplyDeleteOk, the market had double bottom today. The market needs to retrace back up for healthy pullback.
ReplyDeleteOK, you guys scared me out of my SPXU and SRS, I sold on this last spike lower in SnP. watching gold stocks for a long entry
ReplyDeleteany thoughts on AMR and X
ReplyDeleteFirst target for SPY is 105.
ReplyDeleteThe 2nd target is 106.5.
The last target is 108. It is 1.5 point move target.
yup, should rip here
ReplyDeletegcl, matt, thanks for your input today. I bailed on my last 25% of my short position at the low today and went long a bit of SSO and GG for a small profit. so, finally, made some profit (mostly short today) both short and long today for a change. screw the market makers, they took SPY to new lows for a second washout at 2:00 pm estern and took it up from there.
ReplyDeleteThe market is on its way back up for retracement.
ReplyDeleteI am not 100% sold, but it looks like it is on it way back up. I thought we would get more of a pull back, but if that is all they got on the downside..I sure do not want to get caught short this market. It is freak'n strong, even with the two HEAVY downside days we had. Lots of oversold, volatile stocks to hopefully make a quick buck on in coming days.
ReplyDelete