[Slurry Pumper]

Well as it turns out I wasn't just pumping slurry out of my ass as the chart shows yet another bounce off of that trend line yesterday. At around 3:30, we got an intraday bounce and if you were short or holding PUTS, a pretty good spot to take profits. You can't really see it but the SPY went back up towards the next dotted line on the chart there (or the white line better known as the 200 DMA). I didn't mark it but it came within 50 cents by the close, so I bought a little bit of those PUTS that expire today as its gonna be a falling apart day into the weekend scenario.
The IWM gave up the support I had stated and fell hard, but the financials were taken out behind the barn, shot in the head twice, tossed in the well and left for dead.
Oddly enough, the QQQs did come down but not as bad as the IWM and XLF, and looking at the SMH you would think it was a normal day with the continuation of the bull flag pattern and a look of wanting to go higher. These are all pieces to put on the table for the next move to somewhere.
For today, we get those phony jobs number and since the SPY is above the trend line still, it is possible to get a rescue operation. Above that next spot of $393.50 on hourly charts will get me to sell those PUTS and start believing they will continue with the rescue for the buy the dip crowd.
A kill the tape scenario can get ugly, as if it hasn't been ugly this week. Speaking of the week, a close below that trend line for the week is another signal that skiing that black diamond run in the Colorado mountains could be on the docket. We have a level of support at $389ish that can be where they move the price intraday for a fake out operation before they move back north. Below that and we could be looking at the zone I got highlighted in red, which means $378 could be on the table by the end of the day and if that were to occur, I think I'll have to take the 'ole lady out for a nice dinner at the local Burger King tonight.
Either way, buckle up for the action, today can be another big mover. I thought yesterday was going to be a ho hum day and today was going to be the mover, but it is looking like some more volatility is in store. I would be shocked if we have a tight tape sort of day.

[milwaukee mike]

slurry you should've been a novelist! a real way with words

i agree about volatility, i think the market opens flat and then goes back in the toilet. global financial crisis of 2008-09 might repeat itself, what do bank's balance sheets look like if inflation is 20% or real estate loses 30%?

[milwaukee mike]

wow! sivb from 200 to 0 in 2 days

shows how fragile the whole house of cards is

[homie1975]

one of the best two threads going anymore (the other is the bitcoin thread)

[milwaukee mike]

one of the best two threads going anymore (the other is the bitcoin thread)

definitely

funny watching cnbc today, and all the talking heads tripping over themselves to say how there's no "systemic risk" and everything is just fine... the same assholes that would've said your money was perfectly safe at ftx or sivb a year ago!

sivb going from 200 to 0 in 2 days isn't perfectly fine and normal... even the wild moves like frc going from 120 to 45 in 2 days, and then hopping back up to 95... my money fluctuates less on buffalo diamond

[milwaukee mike]

and i'm somewhat surprised that the dow is "only" down 800 or so the past 2 days

the market is still way overpriced, and sivb getting taken over, i wouldn't have been surprised if today turned into a black friday 2000 down

still a good chance monday is a crash, people will be talking about this bullshit over the weekend, and people are generally such feeble bitches and cowards (see covid), just think how many people sell vs buy on monday

[Madison]

and i'm somewhat surprised that the dow is "only" down 800 or so the past 2 days

the market is still way overpriced, and sivb getting taken over, i wouldn't have been surprised if today turned into a black friday 2000 down

still a good chance monday is a crash, people will be talking about this bullshit over the weekend, and people are generally such feeble bitches and cowards (see covid), just think how many people sell vs buy on monday

Yep, the flight to the 5% treasury is upon us.

[Slurry Pumper]

This day went about as I thought. After a fake rescue operation back up to $393.16, which is $0.34 short of the spot I told you about this morning as the level to get above on hourly closes. When did it happen? Well right at the 11:30 closing, and from there the slide was on but really took off when the Saudi Arabian / Iran announcement came across the wire. Look at that break down candle from this week. This could be bad news starting Monday. I've got allot of studying to do over the weekend to determine how much money is there to make off of this for the different scenarios that are possible.

[Madison]

Was taking a look at this company and was thinking about taking a small looksee. Anyone want to comment. Link to last 2 reports at the bottom. .20 and Insider Buys.

Studies find that multiple purchases by C-level executives signal strong annualized returns.

SMG Industries Inc. – SYM: SMGI
Recent Price: $0.20
Insider Action: 4 insiders buy $1.3 mil in shares
Description: SMG Industries Inc. operates as a transportation company in the United States. It transports infrastructure components, including bridge beams and power generation transformers; wind energy components; and midstream compressors.

SMG Industries, Inc. Reports Record Revenues of $19.3 Million for the Third Quarter and Significantly Expanding EBITDA (yahoo.com)

[Madison]

My thinking was that this was somewhat an isolated incident. While there were some big drawdowns on many regionals. I looked at the KRE but it's not down as much as I might have expected. Seems some were likely oversold.

Thoughts?

[Slurry Pumper]

Ok the markets should be a little rattled to start the week as it seems that our drunk Uncle Sam will step in to pass out candy as needed to some poor depositors in banks that can't handle the business. This is another sign that inflation is the plan and not something they are trying to reduce. Anyway moral hazard aside, the magic number for the SPY this morning is $384.50. Below that on hourly candle closes and we can fall to $378 pretty easily. Otherwise, I kind of expect a rescue operation due to the couple of large down days. Points of interest: $389.50, $390, and $393.50 if things start to get out of hand.

[Slurry Pumper]

Yepper I'm taking a few bets on the rescue operation today.

[ChuckyTheGoat]

definitely

funny watching cnbc today, and all the talking heads tripping over themselves to say how there's no "systemic risk" and everything is just fine... the same assholes that would've said your money was perfectly safe at ftx or sivb a year ago!

sivb going from 200 to 0 in 2 days isn't perfectly fine and normal... even the wild moves like frc going from 120 to 45 in 2 days, and then hopping back up to 95... my money fluctuates less on buffalo diamond

Props to everyone in this thread. All you can do is help a brother out.

I like this guy's videos:


He said that the CNBC guys sat on the bank failure story for more than an hour. Why not? They can tell all their buddies to get $$ out before the bank run starts.

[Slurry Pumper]

This thread just has allot of good financial advice on a consistent basis. Not only myself but several others day after day spewing out the trades. Today is no exception. We had a rescue trade right off the bat this morning and by 11:20, the SPY got to where? How about the $389.50 area I told ya to look out for before 7 in the morning. Then it kept on knocking up against the $398.50 -$390 spot which was telling you that was all you were going to get out of it and it was time to turn and get them PUTS. Technically a retest of a trend line I keep on talking about because it keeps on delivering.
Now we are getting below that trend line and I see lower prices coming into play for all but he QQQ and SMH crowd. Sure there is support from the $380.50 ish and the $378 spot, but I think we are gonna hit the $374 before this Friday.
How about those gold bugs? Not just myself but recently the Snowballer was telling you to about the gold. Just a few short weeks ago that was hanging out and stayed above the $1800 level. Today it shot up about 50 bucks, and I don't think it is done going up with the FED just basically telling you that they are choosing inflation to pay for the future bills. I've been steadily gathering up gold and only giving it out to my ungrateful kids who some of them bought that Bitcoin stuff when it was in the $40K area and laughing at the ole man and his old timey money. I don't want to rip on the bitcoin today as it too saw big gains, but I still think it is tied to the QQQ and SMH sector for me to believe. Being a slurry pumping fool who hops from slurry hole to slurry hole in an effort to de-water those, I noticed that allot of those slurry holes are indeed full of precious metals. The slurry pumping bidness has been picking up everywhere except the U.S and I gotta think there is a good reason for that.

[JIBBBY]

Panic cash out of liquid bank assets to buy crypto is tapering off now.

[ChuckyTheGoat]

Gold has been on sale now for the last couple of years. It won't be that way forever. When it rolls it has to make up for the inflation we have been seeing so on a relative basis it will make huge gains although in reality it is the money that is the constant while all the fiat crumbles.

Salud, Slurry. Any reason you favor Gold (over Silver)?

Silver spot-price drives me crazy. Seems less and less relevant. I do sometimes find some good deals on junk-silver, at least in my mind.

My favorite has become: the 35% Wartime Nickels.
...People don't seem to like them too much.

[ChuckyTheGoat]

just in the past year my dad has had his car stolen TWICE, and not a single person has had charges filed against them, even though there is video evidence. walmart just closed all their stores in portland, walgreens and others have closed (or are closing) most stores in san francisco... so there's certainly not "common laws and justice" when multi-billion dollar companies can't even operate in certain cities because of their lack of a justice system

Mike, you know that Milwaukee Co rates the highest in country for Auto theft rate. At least at last look.

If you own auto in Milwaukee, >1% chance it will be stolen in next 360 days. And goes thru the roof for certain Model Years of Kia/Hyundai.

[JIBBBY]

People love to panic sell and move money at the first signs of trouble.. Silly world we live in!

[Slurry Pumper]

Salud, Slurry. Any reason you favor Gold (over Silver)?

Silver spot-price drives me crazy. Seems less and less relevant. I do sometimes find some good deals on junk-silver, at least in my mind.

My favorite has become: the 35% Wartime Nickels.
...People don't seem to like them too much.

I like gold more than silver for the premium price reason. I haven't looked at silver for about a month now but the actual price to get the stuff over the spot means you need a real good run of like 50% to make up the cost. I do think both will run however for quite a long haul. I just like the gold value better than silver at this time. Silver also has a industrial component to it and the fact that silver mining is really a by product from things like Tin, Lead, Copper and other fancy metal mined products.
Looks like another test of the $389.50 spot today to start the morning. The Bulls will need to get to and above this for any rally situation. I had hoped that the XLF would come down a little further to the $31.15 level before jumping on that rebound wagon, but it may be on everyone's mind as well so a little front running going on this morning. I'm going to wait and see if it is an initial fake out shake out thing before dropping to my $31.15 buy in price. If it just takes off, well that is the life of a trader and there will be another one coming soon enough.
I notice the other small bank ETF KRE is bouncing this morning so this move is probably late to jump on as well. I will keep it on the radar to see if the rebound peters out at some Fibonacci spot before dropping again. This would be how I will try to squeeze some more profit out of this play.

[Snowball]

you can buy silver bullion at 9% over spot. sdbullion.com 100 oz.
SLV (pay spot) is not redeemable to non-brokers anymore. in any amount.
PSLV (pay spot) is redeemable in London Good Delivery bars which are 1000 oz per bar.
So, if you're going to redeem PSLV for actual delivery to your house, you have to invest around 22k

[Slurry Pumper]

Markets gap opened above the trend line. Maybe making a run for $393.50 - $394.10 on the SPY that is my point of shorting. Above on horly closes and I'm wrong.

[ChuckyTheGoat]

Any fans of: Grayscale Bitcoin Trust (BTC)?

If you have $$ in your financial accts AND you're bullish on BTC...do you own a piece of Grayscale?

Would you expect that price to move in lock-step w/ the BTC coin price?

[manny24]

People love to panic sell and move money at the first signs of trouble.. Silly world we live in!

you just have to figure a way to take advantage of what you're seeing Jibby

who is creating the panic? and why? are good questions to ask yourself before acting

i don't have time to fuk with markets so i buy gold bars but it's back over $1900 right now

have some put aside to buy the dip next time Jibby

[KVB]

you just have to figure a way to take advantage of what you're seeing Jibby

who is creating the panic? and why? are good questions to ask yourself before acting…

Anybody who did this ^^^^ did well with banking stocks this week.

[Slurry Pumper]

Markets gap opened above the trend line. Maybe making a run for $393.50 - $394.10 on the SPY that is my point of shorting. Above on horly closes and I'm wrong.

Patience pays people, after the gap open today for XLF and KRE, these 2 just floundered around as teh rest of the SPY climbed up to where?
How about $393.45 which is close enough to my level to short for the day. I bought Puts that expire both today and tomorrow for the SPY, and bought Puts for XLF and KRE that expire Friday. All of these are starting to fall apart here as the day drags on. I will get out either at the end of the day if this continues or step aside if we get another turn of events in the next couple hours.

[KVB]

Patience pays people, after the gap open today for XLF and KRE, these 2 just floundered around as teh rest of the SPY climbed up to where?
How about $393.45 which is close enough to my level to short for the day. I bought Puts that expire both today and tomorrow for the SPY, and bought Puts for XLF and KRE that expire Friday. All of these are starting to fall apart here as the day drags on. I will get out either at the end of the day if this continues or step aside if we get another turn of events in the next couple hours.

Many the volume trading must be huge, I feel like my screens on these puts are just going crazy.

[JIBBBY]

you just have to figure a way to take advantage of what you're seeing Jibby

who is creating the panic? and why? are good questions to ask yourself before acting

i don't have time to fuk with markets so i buy gold bars but it's back over $1900 right now

have some put aside to buy the dip next time Jibby

[milwaukee mike]

Mike, you know that Milwaukee Co rates the highest in country for Auto theft rate. At least at last look.

If you own auto in Milwaukee, >1% chance it will be stolen in next 360 days. And goes thru the roof for certain Model Years of Kia/Hyundai.

absolutely, the "kia boyz" made it a trend, he had a hyundai, the 2nd time they totally gutted the exhaust system and anything else they could quickly sell the metal on... bunch of stupid kids going around for tik tok credit and causing 20k in damage to get $200 worth of metal/parts

security cameras had clear footage both times, but the cops don't care, even if they catch the 14 year olds, it's not even a slap on the wrist and they're back at it

[ChuckyTheGoat]

this is why i believe in dollar cost averaging while markets dip and drop. extremely difficult to time unless you are a guy like Milwaukee Mike.

You're sayin that Milw Mike is like EF Hutton in this thread?

[ChuckyTheGoat]

absolutely, the "kia boyz" made it a trend, he had a hyundai, the 2nd time they totally gutted the exhaust system and anything else they could quickly sell the metal on... bunch of stupid kids going around for tik tok credit and causing 20k in damage to get $200 worth of metal/parts

security cameras had clear footage both times, but the cops don't care, even if they catch the 14 year olds, it's not even a slap on the wrist and they're back at it

Mike, think back to the police chief who took over in Dec 2020. People didn't like that his predecessor was cracking down on crime.

Absolutely ridiculous. If you want an example city to support your thesis on demise of America, Milwaukee has to be a pretty good case study.

[ChuckyTheGoat]

pay attn to precious metals

Salud, 'ball. Silver prices rising this week.

Found some bargains LAST week. Won't be buying this week.

[JIBBBY]

Panic selling and moving money with this bank crap.. Will tapper off soon when things stabilize..

[Slurry Pumper]

Well waking and baking this morning with the futures dropping back below my trend line which has been nothing but profitable for myself. Right now we are at another level of support. Below and all that is left is the low from Monday. I think the bulls will need to be out to defend or we could see that 374 on the SPY I told you we were going to be at by Friday but looked like it may not happen just 12 hours ago.

[KVB]

I’m riding with you Slurry.

Was in profit all day yesterday after the spy was off its highs. Then the last 9 minutes the buying came in. Almost came in here and commented about it, it eroded almost all of my profits for the day.

I was regretting not buying back, I was pissed. I didn’t want to get flagged for day trading in that account… A mild and stupid concern looking back.

A little manipulation, but things back to the red we were looking for today. Got a little lucky.

[Snowball]

got some UUP calls
just a trade.
theory is dollar demand will continue a while here as investors sell equities, banks need cash and EU woes, plus the government trading desks focused on appearances of strength.