So we are in a bear market trading range and reached the top - ~4000 S&P level (could not break through), and soon earnings are coming out...I lightened my stock exposure so I could buy back lower. Some say we can even test 3400ish.
It seems that earnings will be mixed if not outright bad
- Thread starter TimtheEnchanter
- Start date
What if your assumptions are incorrect?
I agree. If I hadn't decided to stop swing trading, I would sell 6 ES contracts right now and just hold them.
Shit happens...
Shit happens...
Why not short ES futures? Or if you can't afford that, buy some leveraged bear ETFs?
Because I am at the point where I have enough and want to preserve it if I want to gamble, I know how; no need for punters.
I am glad to wait and buy lower...
Bank earnings on Friday sent a signal it looks like Wall Street is going to give a pass to bad earnings or negative outlooks . Every bank shouted recession coming and after tanking bank stocks reversed hard . Wfc ran 10% from low to high . Everyone thought we’d rank in Jan and feb . Feels like we grind higher for a while then I’ll reevaluate. Coin up 70% in 3 weeks tells me speculation back . Price action is the truth and my master . I always follow long and short . Right now the long trade for intraday trading is the game .
That is just the banks. We are testing SP 4000 - let's see if it can make it through meaningfully. I doubt it. Wait and see other earnings, you are fast to crow about the banks it is just the start..
That bank stock action was unreal. JPM & WFC went up 8-10% intraday. Coinbase was downgraded to sell a few days ago and it went up another 20%.
It seems like every day this market goes down intraday and it closes unchanged or higher. The "pain" trade is higher but it doesn't make much sense unless the Fed is done raising rates.
Not too late to short; earnings are crap news coming mainly because of the debt ceiling and gov. stupidity. Today "good" inflation news bad market reaction, guess what that means?