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Another -$8 on SPY tomorrow (Tuesday) - Chart
- Thread starter 1a2b3cppp
- Start date
Good play book.Quote from 1a2b3cppp:
There are going to be some new millionaires when this little recession is over.
Some of them will be the dudes who shorted this the whole way down.
Some will be the dudes who had tons of OTM puts, surely with at least one "$1,500 into $1,000,000" story.
Some will buy OTM calls at the right moment and when the market recovers, add a couple 0's to their account.
And others will be people who loaded up on weighted ETFs at/near the bottom and hold them until the market recovers.
Well the S&P is down another 1% at 8pm EST... I bought a little right here...
I think that tomorrow will be a consolidation day but I also expect some bounce... if the chart looks decent I think it will fool some longs into buying and I will get out there... I will start scaling out from 1135 to 1150.
I'm a scalper on the long-side. I'm not going to overstay on the long side with all this down momentum. I learned from 2008. Will try to use intuition for a stop if I'm wrong tomorrow but I think I will have a few chances to break even.
I think that tomorrow will be a consolidation day but I also expect some bounce... if the chart looks decent I think it will fool some longs into buying and I will get out there... I will start scaling out from 1135 to 1150.
I'm a scalper on the long-side. I'm not going to overstay on the long side with all this down momentum. I learned from 2008. Will try to use intuition for a stop if I'm wrong tomorrow but I think I will have a few chances to break even.
I like the part where you say you learned from 2008.Quote from atlTrader666:
Well the S&P is down another 1% at 8pm EST... I bought a little right here...
I think that tomorrow will be a consolidation day but I also expect some bounce... if the chart looks decent I think it will fool some longs into buying and I will get out there... I will start scaling out from 1135 to 1150.
I'm a scalper on the long-side. I'm not going to overstay on the long side with all this down momentum. I learned from 2008. Will try to use intuition for a stop if I'm wrong tomorrow but I think I will have a few chances to break even.
I have some friends who disagreed with me that we were due for the drop when I sold at the end of April. They were like "We're still so far away from the triple top, at least another year or two before SP 1450".
I pointed out to them that good speculators even out prices and learn from the past. Based on that, the market should not get as far away as it did last time and that points to a correction sooner this time.
And here we are. After I let my short positions expire worthless in May and was unwilling to sell puts in June or July, they chastised me.
Even now they have the balls to say "well if you predict anything and wait long enough you will end up right".
I am like, mkay. Drinking fine whiskey tonight on a pile of cash waiting for the bottom, watching them suffer.
Im having a hard time judging this market right here, I have about 12 short ETFs right now that have helped me substantially over the last month, TVIX which I sold at $32.50 would have minted me even more if I had held it but I didnt expect such a downward move so quick. So my take is that the SPX does break 1000 sooner than later however I dont think its due to come down so soon, so I'm thinking a bounce is in store. Aside from that most indexes like the Russel, SPX and DOW are about 10% or less from fresh 52 week lows, so I don't see why these indexes would not touch down on those lows before advancing into the end of the year. I guess many will wait until new lows are broken on the indexes before putting some money into play.
Once the markets turn higher, which could happen tomorrow after a brief morning pullback, it could follow through for a few days, also keep in mind if there is a late day rally in the markets Asia markets will follow leading European markets to follow then lifting the US markets once again full circle, so I would be anticipating some sort of rally of at least 3-5% over the next 2 weeks!
Once the markets turn higher, which could happen tomorrow after a brief morning pullback, it could follow through for a few days, also keep in mind if there is a late day rally in the markets Asia markets will follow leading European markets to follow then lifting the US markets once again full circle, so I would be anticipating some sort of rally of at least 3-5% over the next 2 weeks!