Oil beginning to threaten SIFs
- Thread starter nitro
- Start date
Well, the moment of truth: the last hour of the day.
Odds probably 100% we test the low of 1270. But it's where we close that counts. I suspect we close at or very near to 1270.
I have orders in 1272.50 again with a four handle stop loss. I am going to lose
money this time, but discipline is discipline.
To investors: This is probably the 8th inning of this mess. Buy good companies with size.
nitro
Odds probably 100% we test the low of 1270. But it's where we close that counts. I suspect we close at or very near to 1270.
I have orders in 1272.50 again with a four handle stop loss. I am going to lose
money this time, but discipline is discipline.
To investors: This is probably the 8th inning of this mess. Buy good companies with size.
nitro
What should strategy be this morning?
IMO, under no circumstances buy with SPX below 1270. That would be heroic, and heroes die a fast death in markets like this. That said, if it looks like markets will close above 1270 or holds 1270 during the day after going above it, then imo it is time to buy.
Beware that the FED may disappoint the market tomorrow by not cutting another .75 basis on top of what it cut yesterday.
C is probably going to get hammered on the open. That is one stock close to the bottom, within $2 to $3. Don't forget the preferreds!
nitro
IMO, under no circumstances buy with SPX below 1270. That would be heroic, and heroes die a fast death in markets like this. That said, if it looks like markets will close above 1270 or holds 1270 during the day after going above it, then imo it is time to buy.
Beware that the FED may disappoint the market tomorrow by not cutting another .75 basis on top of what it cut yesterday.
C is probably going to get hammered on the open. That is one stock close to the bottom, within $2 to $3. Don't forget the preferreds!
nitro
The "apocolypse" scenario is that when the FED lowers the IR tomorrow, markets swoon anyway.
If that happens, there is nothing on earth that can keep SPX from 1175 SPX imo. We may get lucky and end up at 1225, but I would not bet on it.
On the other hand, if it weren't for the scepter of the FED meeting tomorrow, and some fear on the part of currency traders that the dollar could get bought in an intervention, this would probably be much lower today. But they will gain confidence as the days wear on.
1270 is still the pivot, but it is fast withering away. 1250 SPX is an easy target today. SIFs are in grave danger.
nitro
If that happens, there is nothing on earth that can keep SPX from 1175 SPX imo. We may get lucky and end up at 1225, but I would not bet on it.
On the other hand, if it weren't for the scepter of the FED meeting tomorrow, and some fear on the part of currency traders that the dollar could get bought in an intervention, this would probably be much lower today. But they will gain confidence as the days wear on.
1270 is still the pivot, but it is fast withering away. 1250 SPX is an easy target today. SIFs are in grave danger.
nitro