Bears back finally? S&P drops to near 3000

KCalhoun

KCalhoun

Ok so what do you think about today's huge selloff?

I say long overdue.... the key support is 3k S&P, also following the VIX.

I've been struggling trying to bottomfish inverses for weeks now, perhaps they will continue up. Any thoughts re how you're planning to trade upcoming volatility?

I trade these
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I've been waiting for this for a while now too. I wish I could have loaded up on SPY puts this morning, but I have the PDT rule on my account right now :mad:.
 
As solid as the drop looks it still has many support levels to fall through, I believe its the Biden news and new 2 week quarantine occurring in certain states just as everything starts to reopen. If cases start to increase we all know they are NOT shutting down, they can't afford to a second time but anyway it wouldn't matter because the fed has ready contributed close to 50% of the US national GDP and will easily print 60%, 70%, 80% of GDP if they have to.

Aside from all that the next jump for the markets will be when introduce the next stimulus bill and possibly an infrastructure bill. They WILL EXTEND unemployment benefits and ENHANCED unemployment benefits which will cause even more happiness on wallstreet so its hard to say how the bears can be back, i believe they are not.
 
tiddlywinks said:
It is approx 1:05pmET. Why is today different than the June 11th selloff? At this time, it is not huge in comparison. Just sayin, and askin.
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Good point, true.... last time bear trap pivot off 3K support, this time we'll see if it finally stays under 3k if it goes down there.

In the meantime I'm doing more daytrading, trailing close stops
 
hafez50 said:
I clubbed some nice shorts today . But until i see some supports broken i'll never hold a short over a few hrs . I have pretty tight stops in on all my shorts . I'm very very very wary of " our vaccine works news " in next 30-90 days max.
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Good job, agree re intraday vs swing best. Up today, I trail stopped out of most inverses midday to lock profits. SCO short crude one of the best. Even did a single winning momo HTZ daytrade in 2.08 out 2.34 thrilling lol.

Thx hafez for nudge re intraday, makes sense vs swings. Fwiw I tightened trailing stops near midday bc often there's midday reversals, worked great today.

Update: I did rebuy small size inverses right before the close for overnight hold
 
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