Coming Aug 29th: Black Monday or Bounce Monday?

[Overnight]

So, one week later we have the conclusion.

Monday wasn't the bloodbath everyone was expecting. Down 1.03 % at the LOD and closing down 0.67 % on the day.

The week as a whole closed down 3.29 %.

There doesn't seem to be much of a bid in this market and structurally this looks very much like a solid down trend still. If I were to guess, I'd say we're going lower still.

The market will continue to trend down until the Fed relents, which a week ago Powell made very clear will NOT happen unless we get substantial inflation decreases soon.

 

[birdman]

Good point.... if there's a lot of sell orders out there that are placed premkt, for mkt on open fill, like retail traders use, then we could get a good gap up in inverses to sell into, premkt.

May also be a good time to go long bullish ETFs if they gap down and fill premkt

Monday should be an epic day to trade leveraged ETFs.... I'm pair trading SQQQ/SOXS/UVXY vs SOXL/TQQQ (mostly UVXY/SOXL)

Hey Ken - what do you think of a buy and long term hold strategy (maybe 6 to 12 months) here Sept. 15th on SOXL? I read about decay, etc, etc, but what you think?

 

[KCalhoun]

Hey Ken - what do you think of a buy and long term hold strategy (maybe 6 to 12 months) here Sept. 15th on SOXL? I read about decay, etc, etc, but what you think?

Wish I could help, but 6-7 days is my idea of a long-term trade