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A lot of chop yesterday and in the end nothing really happened. Today I think there's more economic news to hit the tape so hopefully there's movement one way or another. -
Last week the SPY ended up right where it started around $533. Same thing for the QQQ at around $451. I still thing there is some serious falling apart that will need to happen here in the markets as bad news starts to really add up. For this week however, I'm gonna be bullish until I get a sign or signal of rough waters ahead. I'll play it like last week as it looks right now like the futures will jump above resistance at $533, so as long as it stays above that for an hourly close I jump in for rally.
Some SPY levels that are interesting $538.50, $543, $549.40
Down side levels $533, $530, $522.50, $518.50.Leave a comment:
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Individual stocks are hard to play for me during times of high volatility. Plus I think my method of playing is more profitable for me.
Its been a great week, I didn't get the big ka ching yesterday when the market gapped up in the morning, but I was able to get rid of those PUTS and keep a profit in the sale. Then following the rules and waiting until the hourly close, I did pick up calls in the SPY which are currently working out. The thought is that the 533 spot in the SPY will be taken out today and I think the sooner that happens the better as the market will just float up the rest of the day.
The support resistance spots of interest:
Upside $533, 537, and if it gets out of control 543.
Downside, the break-even spot for those calls from yesterday is $529.50, then further downside targets are 525, 522.75, and 519 if it gets out of control. Of course, at each level it must be beyond that point after the hourly candle closes to start a position.
Its been such a good week that I'm gonna go light unless the opportunity shows its face and smacks me around. I'm more inclined to sell those calls from yesterday and go do a liquid lunch with maybe a bong hit or ten.Leave a comment:
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I forgot to mention that the volume from yesterday was relatively lower than the previous couple of days volume. This may indicate a bear trap or fake out operation. This morning I see the futures down to start with but the table will probably be set by the jobs number coming in at 8:30.
To the downside some interesting levels I think about are $515ish, 510ish, 509, and of course the fat round number of 500, all for three SPY.
To the upside we have $522.80 which is highlighted in yellow from yesterday's posted picture, and if price can eclipse that with the hourly closing thing, I would expect a run back to and probably higher than yesterday's high to a gap fill of 533, then 537ishLeave a comment:
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I'm kind of waiting for the 1st good geopolitical decision to help us not get into more issues. It seems to me there have been a series of decisions the last couple of years that got us to this point and a good decision is sorely needed. A few more crappy moves and we'll be in a totally different world situation.Leave a comment:
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OK sometimes things happen like I think they are going to happen and give an example of why I do certain things. Just this morning I posted to see if the price for SPY can get above yesterday's close and stay there for an hourly closing candle before I would go long. Well look below and you'll see why I state that on the 5 day chart with hourly closes. Looking at point 1 and 2 shows that the SPY went above yesterday's close not once but twice today. Each time it was unable to keep it there for an hourly close. Usually you only get 1 chance at it before it falls away, but today price really hung around for a while making a bull flag before they gave up and selling started. Yes I had to wait for both failures because it never really gain steam to the downside after the hourly closes. Eventually I jumped on the PUT train (choo choo) and rode that down to the bank to cash in. At the end of the day, I did take some profits but I kind of expect this ride to continue to start tomorrow to the $510 area, or even maybe a gap down below that for a Ka-ching moment so I still have a half a position going.
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Boy this doesn't feel good to me. One wrong geopolitical move and this could be a plunge??Leave a comment:
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I'm posting my plays, and the SPY top out yesterday 2 bucks where I thought it would which isn't that bad when you consider it started at $510. That's old news already how about today's trading action? Well its all about the high from yesterday in the SPY $529.75, right now the futures market is making a run for that level and after the opening, if the price can't make it above yesterday's high and close on an hourly basis above that, I'll be buying a ticket on the PUT train to expire on Friday. I think at least a visit to the $510ish spot is on the docket sometime in the near future.
How about if the SPY is able to eclipse the $529.75 area? Then $536.50 would be the next stop on the bullish train and maybe even $538 before the end of the week, and I'll be on that train as well if that happens, but a more jumpy get off the train vibe for me on the way up.
All options I'm getting expire on Friday, but I reserve the right to jump off that train at any time with the increased volatility going either direction if the trade winds tell me to do so.
I'm more in the camp that we get a nice gap and crap today, but that is just a feeling. As usual I will let the chart dictate my actions.Last edited by Slurry Pumper; 08-07-24, 07:01 AM.Leave a comment:
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The VIX got way overbought so we're going to see a bounce. The big question is if the bounce will stall out at around 50% retracement of the move down. If it does, we could be looking at a fall and winter of carnage.Leave a comment:
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Volitivity = Opportunity. Please post your opps. I'll offer FLNC, and MBLY as mine.Leave a comment:
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The QQQ was caught in woman's land for me, so no trade.
A Freudian slip or a Slurrism?Leave a comment:
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I get a TON of these, most meaningless. This one is worth noting!!!
This one is a proxy of Intel and may have suffered from Intel's plummeting.
Mobileye Global Inc. (NASDAQ:MBLY - Get Free Report) CEO Amnon Shashua bought 631,963 shares of the business's stock in a transaction that occurred on Friday, August 2nd. The stock was purchased at an average cost of $16.51 per share, for a total transaction of $10,433,709.13. Following the completion of the transaction, the chief executive officer now directly owns 4,080,097 shares in the company, valued at approximately $67,362,401.47. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.Leave a comment:
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Well the SPY started the day at $510,and I did buy some calls. Not a bad rise, but I still think the $527 is the goal so I hung onto the small position over night, which is a risk in itself these days that must be thought of with heightened awareness. The QQQ was caught in woman's land for me, so no trade.Leave a comment:
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2% is bloody monday now...
What a joke.
Bring on 20% and that's still too little in this trash market.Leave a comment:
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Its not that bad yet. On the SPY l like $509 for a temporary spot of interest, and below that $500 is a better spot if the markets get there. I think the markets rally here actually and the goal for the rescue operation today is $527. Right at this moment the $516.50 spot is another level of support the SPY can try to hang its hat on. As the morning progresses, I suspect the futures will start to rise, and by the end of the day the $527 area will be in their sights.
The QQQs I like the $413.50 spot as a good spot for an entry today if it gets there. Right now the futures are resting at another support area of $429ish, the rescue goal for today is $455.
So that's my outlook for trading today, heavy selling the last couple of days has me thinking we get a counter trade and a nice pop. These are all scalp or day trades as I do suspect more selling to come it really hasn't gotten that bad yet.Leave a comment:
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Monday Bloody Monday..................the U2 song should say Monday not Sunday.Leave a comment:
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Been following LTNC on the pink sheets for sometime now. Lock’din hydrogen infused water is their calling.
Big announcement coming in next 10-14 days. 😬Leave a comment:
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Well, I'm in the camp of things getting better by the end of the week so I did pick up some calls yesterday with SPY at $539 strike and the QQQ at $456. They haven't moved that much yet, but I think the FED marches out to ease fears today and its back to the races going into the end of the week. Overall, I am in the everything falls apart camp, but when that happens who knows. Underlying forces keep getting worse, but the bad news hasn't translated into bad events just yet.Leave a comment:
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Nothing to look at here.... Inflation I suppose???
As of the closing bell on July 26, the S&P 500's Shiller price-to-earnings (P/E) ratio -- also known as the cyclically adjusted price-to-earnings ratio (Cape ratio) -- stood at north of 35, which is more than double its average of 17.14, when back-tested to 1871.
More importantly, there have been six occasions in 153 years where the S&P 500's Shiller P/E surpassed 30 during a bull market rally. All five previous instances were eventually followed by declines of 20% to 89% in the S&P 500, Nasdaq Composite, or Dow Jones Industrial Average.Leave a comment:
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GDX reach my second target and then some, so I picked up some of that at $36, but AU and SLV are in no mans land so I held off with those trades. This week I think we get a rebound overall in the markets so I'm looking for spots to jump aboard the QQQ and SPY weekly options train this morning on a continuation. Had I been on the ball, Thursday the SPY hit some good support at the $537 spot and bounce off of that pretty well. If we find the price down there again however that would be the line in the sand and closing hourly candles below that could spell trouble.Leave a comment:
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Didn't really get a chance to pick up anything yesterday as the markets are in meltdown mode. Then this morning gold is dumping pretty hard. If I'm honest it looks like a bigger market event is starting here.Leave a comment:
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OK this morning I'm going to pick up some more mining stocks like the GDX and AU. Both are hanging out at a support level. I already own shyt loads of these from years ago at this point, so I'm not too worried if they break through and go lower. If GDX does, the next spot I like is $36.30. Currently it is $37.45.
AU on the other hand is at $28.07, and if it falls, it's a load em up type buy for me at $26.00.
How about SLV? We'll it's been beat down the last week or so and is also right on some pretty good support of $26.50ish. Currently ($26.68) is close enough for me to load em up here. If it falters I'll really load up at $24.25 if it gets there as my silver stack is lacking with relation to my gold stack. This also means that I will start buying the real stuff as well as long as those premiums aren't redonkulous. The last few years premiums have kept me from stacking physical Silver, but now I'm willing to start paying more of a tax to have it laying around.Leave a comment:
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