Midnight rally

[Overnight]

Well pffht, didn't take the profits before the open, and so drew down 120ish points or so. Now getting back to BE. So a one day-delay on the non-risk free $$$ zero.

Core retail sales were great, but apparently that PPI print scared the bejeezus out of some algos.

 

[SunTrader]

Well pffht, didn't take the profits before the open, and so drew down 120ish points or so. Now getting back to BE. So a one day-delay on the non-risk free $$$ zero.

Core retail sales were great, but apparently that PPI print scared the bejeezus out of some algos.

Rates rising. Economy coming back. FED still has pedal to the metal but Wall Street is starting to anticipate the pedal being eeeeased off a touch.

 

[Overnight]

Rates rising. Economy coming back. FED still has pedal to the metal but Wall Street is starting to anticipate the pedal being eeeeased off a touch.

Let's see how Asia responds, now that China is back open for business. I'm getting a good feeling for longs after that drop.

 

[SunTrader]

Let's see how Asia responds, now that China is back open for business. I'm getting a good feeling for longs after that drop.

Could be. Hang Seng has been bullish of late and globex has been overall positive so far tonight:-

 

[Overnight]

Could be. Hang Seng has been bullish of late and globex has been overall positive so far tonight:-
View attachment 252207

Well, as we can see, it didn't go so well. And tonight's action is looking like a repeat of last night. *Le sigh* Oh well. Swings are my life. No big whoop. I've got swing balls as big as church bells by now. Lord knows I've earned them. So COME ON CORRECTION! BRING IT ON! Free risk $$$ zero!

 

[Laissez Faire]

Filled ovenight for+10

That's 90 ES points profit in live, closed trades since discovering this thread. Thanks OP
So tempted to go long here because of the big drop, but should probably wait until the close?

I'm gonna buy some here for 3951 but will close it for just 6 points profit - bit more modest

Still holding this? If so, you took approximately 65 points of heat on this trade.

Like I said before - this method only works if you're willing to sit through deep drawdowns and if you don't compound your profits. If you doubled your stake after taking those 90 points, i.e., compounding, you would have wiped out your profits and then some by now.

Essentially this method is only profiting from the long term trend going higher in the stock market. By closing it out on the Open you're missing the gains in RTH, too.

Buying pullbacks would probably be more effective.

The OP comes with some false claims about the market opening gap up 85 % of the time which simply isn't true. There's a positive skew, but it's more like 60 %.

 

[Rickshaw Man]

I knew it wouldn't take long for the overnight rally to continue.

Oh look the stock index futures are up overnight...SHOCKER!

Making free money while you sleep is so easy a cave man can do it $$$$$$$

 

[SunTrader]

Posting quotes screen is making money these days. That is a shocker.

 

[fan27]

The OP comes with some false claims about the market opening gap up 85 % of the time which simply isn't true. There's a positive skew, but it's more like 60 %.

There are some simple strategies I use to take advantage of the positive skew, but they do not involve buying the close and selling the open.

 

[Overnight]

Rickshaw Man never posts a screenshot with red it in! Shocker! Same thing over and over again. Free money while we sleep, until a Monday morning hits which wipes all the previous week's gain! Shocker!