Fridays market meltdown and "Word of Advice" from OptionGuru

S2007S said:
Just buy....everyone thought stocks were cheap at 18000 so they have to be cheaper now that the Dow is close to 17000....just buy now....

Don't wait...market should jump 5% by Friday


:D:p:p:p:p:p:p:p:p:p:p:p:p:p:p
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Are you long now? Feels like a falling knife
 
noddyboy said:
Are you long now? Feels like a falling knife
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I didn't take any new positions today...

Sold all DXD on Friday
Sold 1/2 SDOW and 1/2 DRIP this morning....all 3 have zoomed higher since I have sold...

I did go long SVXY around $45 on Friday...
That's the only long position I took...
 
@conduit

Sure. The gap on Friday was due to Brexit. The market still trades technically, though. It's just that the magnitude and volatility is greater than usual. Friday was nothing new.
 
OptionGuru said:
  • The market will continue with its downward slide for the remainder of the June. I have never seen the market immediately bounce back after such a meltdown.
  • The market will bounce back but not this week - momentum at this time is clearly DOWN.
  • Good luck with your trading for the coming weeks - be cautious.

Thanks :)
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OptionGuru said:
  • The market will continue with its downward slide for the remainder of the June. I have never seen the market immediately bounce back after such a meltdown.
  • The market will bounce back but not this week - momentum at this time is clearly DOWN.


:)
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0-2 ....not bad for a guru...
 
S2007S said:
I didn't take any new positions today...

Sold all DXD on Friday
Sold 1/2 SDOW and 1/2 DRIP this morning....all 3 have zoomed higher since I have sold...

I did go long SVXY around $45 on Friday...
That's the only long position I took...
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Out of SVXY at $49.00.....

After seeing the markets push alot higher the last 3 days in a row. Dow gaining back 600 points and only seeing SVXY up from low 40s to $49 its time to sell....thought the gains would have been more impressive since there has been 3 straight huge up days but nope....will buy back below $40 on next sell off.
 
Laissez Faire said:
Actually, the last time the market had a similar gap down (100 points on 24th of August last year), the gap was closed 3 days after with preceding days low being higher than the low on the 24th.

This is however not a call that something similar will happen, but I'm bringing attention to the facts. :)
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This time around, it took four days until we were back in the range of the day prior to the gap. Almost closed the gap as well.

So, for those who like remembering, please remember this the next time the market's gap down by 100 points. It's not the end of the world. :)
 
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