Homie, now I great time for you to be more active here. I'm NOT a buy and hold type investor like yourself. Please chirp in as to what you are thinking here as I'm seeing my retirement melt away??
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Well lets look at the tale of the tape. The SPY came down and found support at the 200 DMA after spiking through $441.70, then bounced for an hour before cascading down in a slow deliberate manner to my other number $438.50 which is my line in the sand. SPY played around that area for almost an hour with the bull bear battle never closed a 10 minute candle under that number until the very end of the day when they stabbed that bull and plunged under for the low of the day at $437.97 about 10 seconds before the close.
So the SPY pretty much did what I expected except we didn't get the rip you a new one rally that feels like you are passing a broken half gallon of Whisky out of your colon... sideways of course.
How about the DAQ you say?
Well that market came down just like the SPY found support bounced away and at the end of the day trickled back down to the $353 spot putting up candle closes just above and below that level for the last hour before taking the dump the last 10 minutes and closing well below at $351.41.
I thought that some profit taking would come into play for the short players but I think they just wanted to get it to the next level for support and think about it over the weekend. The bears are in full control here and each rally is met with a systemic selling.
I'll take a deep look this weekend on the weekly, and monthly charts and try to figure out where the market is headed. I think we are due for a relief but when the market closes the on the low for the week, you have to look and take notice.Last edited by Slurry Pumper; 01-21-22, 05:49 PM.Comment -
Sold half my itm puts at the close. If slide continues early Monday will sell rest. Then wait for next rip for more puts. No where near capitulation either. Thanks Joe BidenComment -
I think we bounce soon, but this week was the first time since the Covid rebound that I thought the bull market might be overComment -
Everything they predicted about Biden’s coming true he’s destroying the country and now Russia’s going to take over a lot of land nothing would happen with Trump they are scared to death of him
Everybody knows Biden is a pussy we are in for a big trouble
Housing collapses coming and a credit collapse coming
Many people are in massive debtComment -
Getting Ready For The Next Leg Up
By: Kevin Matras
January 22, 2022
With the market pulling back from their recent highs, now's the time to start getting ready for the next leg up.
After heady gains last year, the market was ripe for a pullback. And we're finally getting it.
But pullbacks are common occurrences.
Unfortunately, too many investors panic when they happen.
Some sell. Others short. And some refuse to buy for fear of it going lower.
But then the market snaps back. And stocks race to new highs, leaving them behind.
This happens time and time again.
In fact, the S&P pulled back 3 times last year. And each time, they then soared to new all-time highs afterwards, before ultimately finishing with a 26.9% gain.
If you missed out on the latest rally due to disbelief, or fear, you don't have to again.
Because after this pullback, it looks like there's a lot more upside to go.
Fear Not
There was nothing ominous in the pullbacks we saw last year.
They were just your normal, ordinary pullbacks.
Every bull market has them.
A pullback is defined as a decline between -5% and -9.99%. And stocks usually pull back about -5% roughly 3-4 times per year.
That was true with both the Dow and the S&P last year.
A correction is defined as a decline between -10% and -19.99%. And stocks usually correct -10% on average about once a year.
That's what the Nasdaq did last year before finishing up 21.4%.
But these are the pauses that refresh before the next leg up.
After shaking the tree, it will be exciting to see how high the market can go this time.
While pullbacks are never fun when they're happening, if you know these are commonplace moves, you can instead look at them as opportunities to buy rather than places to sell.Comment -
The market is sensing that Trump is trying to make a comeback with his lies again so it pulls back with the remote thought that the man who destroyed the stock market will be even be able to have a remote chance of destroying the economu again with his tariffs.Comment -
It's just a pullback unless it's not just a pullback.Getting Ready For The Next Leg Up
By: Kevin Matras
January 22, 2022
With the market pulling back from their recent highs, now's the time to start getting ready for the next leg up.
After heady gains last year, the market was ripe for a pullback. And we're finally getting it.
But pullbacks are common occurrences.
Unfortunately, too many investors panic when they happen.
Some sell. Others short. And some refuse to buy for fear of it going lower.
But then the market snaps back. And stocks race to new highs, leaving them behind.
This happens time and time again.
In fact, the S&P pulled back 3 times last year. And each time, they then soared to new all-time highs afterwards, before ultimately finishing with a 26.9% gain.
If you missed out on the latest rally due to disbelief, or fear, you don't have to again.
Because after this pullback, it looks like there's a lot more upside to go.
Fear Not
There was nothing ominous in the pullbacks we saw last year.
They were just your normal, ordinary pullbacks.
Every bull market has them.
A pullback is defined as a decline between -5% and -9.99%. And stocks usually pull back about -5% roughly 3-4 times per year.
That was true with both the Dow and the S&P last year.
A correction is defined as a decline between -10% and -19.99%. And stocks usually correct -10% on average about once a year.
That's what the Nasdaq did last year before finishing up 21.4%.
But these are the pauses that refresh before the next leg up.
After shaking the tree, it will be exciting to see how high the market can go this time.
While pullbacks are never fun when they're happening, if you know these are commonplace moves, you can instead look at them as opportunities to buy rather than places to sell.Comment -
What bothers me is how poorly the aggressive sectors are performing against the defensive sectors. XLY has underperformed XLP by over 20% over the past 2 months. It underperformed by less than 18% during an actual bear market in 4Q 2018, and 28% during the Covid selloff.Getting Ready For The Next Leg Up
By: Kevin Matras
January 22, 2022
[FONT="]With the market pulling back from their recent highs, now's the time to start getting ready for the next leg up.[/FONT]
[FONT="]After heady gains last year, the market was ripe for a pullback. And we're finally getting it.[/FONT]
[FONT="]But pullbacks are common occurrences.[/FONT]
[FONT="]Unfortunately, too many investors panic when they happen.[/FONT]
[FONT="]Some sell. Others short. And some refuse to buy for fear of it going lower.[/FONT]
[FONT="]But then the market snaps back. And stocks race to new highs, leaving them behind.[/FONT]
[FONT="]This happens time and time again.[/FONT]
[FONT="]In fact, the S&P pulled back 3 times last year. And each time, they then soared to new all-time highs afterwards, before ultimately finishing with a 26.9% gain.[/FONT]
[FONT="]If you missed out on the latest rally due to disbelief, or fear, you don't have to again.[/FONT]
[FONT="]Because after this pullback, it looks like there's a lot more upside to go.[/FONT]
[FONT="]Fear Not[/FONT]
[FONT="]There was nothing ominous in the pullbacks we saw last year.[/FONT]
[FONT="]They were just your normal, ordinary pullbacks.[/FONT]
[FONT="]Every bull market has them.[/FONT]
[FONT="]A pullback is defined as a decline between -5% and -9.99%. And stocks usually pull back about -5% roughly 3-4 times per year.[/FONT]
[FONT="]That was true with both the Dow and the S&P last year.[/FONT]
[FONT="]A correction is defined as a decline between -10% and -19.99%. And stocks usually correct -10% on average about once a year.[/FONT]
[FONT="]That's what the Nasdaq did last year before finishing up 21.4%.[/FONT]
[FONT="]But these are the pauses that refresh before the next leg up.[/FONT]
[FONT="]After shaking the tree, it will be exciting to see how high the market can go this time.[/FONT]
While pullbacks are never fun when they're happening, if you know these are commonplace moves, you can instead look at them as opportunities to buy rather than places to sell.Comment -
Well I had a good look at all the charts this weekend. The SPY is at the top of a support zone with a few levels to go for the $426.50 line in the sand this week. Last week the SPY blew past the 20 WMA (Home Base), flew below the $452.75 support level then picked up speed to the downside going through the 100 DMA ($441.50ish) with only a minor reaction to end up at a level the SPY had a hard time with back last June / July when this price was resistance/ support and the scene of a pretty good bull / bear battle. Do I think tomorrow will just be a plunge through this level with out so much as a fight? Maybe, the market can gap below and continue to drop thus avoiding the support level. I think the bouncing ball theory will come into play sometime early next week however. There will be a bounce here somewhere. If it doesn't start tonight during the futures market, it will probably happen sometime either late Monday or Tuesday. Either way the charts all look like a doomsday event is on the way for the midterm to longer term horizon. I'm selling into any rip and selling tech as a rule.
I caution all of you FANG players that they have a long way to go this year to what I would call proper evaluation territory. I think they rally a little bit this week, then they get the beat down again going into the Mid Feb- March time. Then some shit will happen and the markets will rally and maybe even get to and make new highs before the bottom absolutely drops out and leaves people wondering WTF happened. Probably around August -early October time.Comment -
I'm sensing blood in the streets. Maybe after Monday I'll be buying some out of the money calls or even at the money if it continues down tomorrow which that's what it looks like. It might turn mid day will just have to watch it closely and see.
Going to be a lot of companies reporting this week and you can go down a good way selling some puts to bring in some premiums.
If your long, you might want to wait until it starts bouncing and then sell some covered calls on your stocks (unless they are too far away from your price) to bring in some premium and lower your cost basis. I've seen what's happening time and time again at worse times than this. Could it get worse? Sure. Not into predictions but we are oversold. I'm just a swing trader not a day trader that adjusts or tries to on a weekly basis.Comment -
I like a short lived relief bounce early in the week before next leg down after Fed speak Wednesday. Get your popcorn ready. I don’t think this is over until Mid Feb once the get enough of a dip for the trillions in cash to come off the sidelines, then we get a nice blow off top into summerComment -
Keep buying the dip...lolComment -
Gold/Slv/etc
I'm getting old and duller by the day so please forgive me if someone already tried to help.
I have a call with Gold Alliance/Equity Trust to transfer some funds from my Fidelity 401K to Equity Trust IRA with the intent to invest in commodities.
Anyone have any opinions advice?
ThanksComment -
Let's not forget that even after this selloff down 3% today already the market is still now up like 90% from the March 2020 lows and up over 30% from the pre-pandemic HIGHS. Some perspective on how much it's fallen, and perhaps on how much further it could still fall.Comment -
You have to remember more money was printed this past 2 years than in The past decade, there is still tons of money to take from people...popping the bubble completely now makes no sense if the goal is to take everyone’s moneyComment -
I took Chase1's advice and sold a bunch of puts on stocks I'd be comfortable owning. Nice premium bump today.Comment -
i'm getting crushedComment -
Wow, what an amazing swing today, a trader's dream! Sadly I'm not a trader.Comment -
deleteComment -
Looks like another 3-4 weeks until we hit the TD9/13 on high time framesComment -
Yes...we were way oversold. All the indicators were signaling it. Especially in the near term. The bounce came mid day pretty much like I thought it would. Were surely going to get some more volatility and this might not be the bottom by any means, but it sure looked like a wash out to me.
10X too high? I think you're a little off thereComment -
It was the kind of day that if I can get like 10 of these a year, that would be enough to buy my airplane jet along with the high quality skanks I like to get myself for Christmas and still have money left over to pay the ole lady alimony while not giving 2 shyts about it. Like I said my line in the sand for the week is $426.50 in the SPY, and today I took 4 bites at that apple with 2 of them paying well, 1 slight loser, and 1 rocket ride that I'm still on.
Look at the chart, and things pretty much happen like I thought it would.
1. We may get a gap down to start the day.
2. Late Monday we would get a bounce, and in market terms maybe around noon isn't late but F it you take it when it comes.
I effin killed it today. Now how long will this last, probably not too long, I'll be back tomorrow with some more killer insight and congratulations to the ones who caught at least some of this rally today. It really was a rip you a new one.
Notice all my trades start around the $426.50 level and I get out when the trade starts to go south just a little bit.
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That was easy. Not only sold rest of my puts early but with all the fear bought calls that I sold at close. Enjoy that huge rally because next rally equities will be at a much lower level. Yea I'll be looking to start loading up on puts again tomorrow. Joe Biden is a short sellers God. Bless you sir.Comment -
Very confused by people thinking presidents control equity prices, did you think this bubble that started under Obama and only got worse during Covid while trump was in was just gonna keep going to infinity...it’s so ridiculous these comments. The Fed was gonna tighten, they did it under Trump and market got clobbered just like it now. Do you even understand how the markets work?Comment
