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Still love this read....if your bored
The stock markets had been headed downhill since December of 1968. On May 26, 1969 a party was held at the Nixon White House. In attendance were John Mitchell, Maurice Stans, Peter Flannigan, thirty five guests from Wall Street, fourteen industrialists, seven bankers, five heads of mutual and pension funds, and two heads of insurance companies. The next day a bull rally began on Wall Street. May 27th saw the Dow Jones 30 average rise by 5 per cent in one day (2Ney, 71).
http://w3.tribcsp.com/~fredj/ney.html
This is a wave 3 remember. Powerful and unrelenting upside. Shorts will have a few moments, like earlier this year, but will die if they are persistent. Top callers, 2904, 2910..maybe a tad higher....it will go on and on. Eventually they will be correct.
Let the top calling begin!
Call leaps, mainly SPY, in Jan 2020, bids have been slowly creeping up last few days. Just an interesting observation...not sure if it means anything
UDOW back over 100 tomorrow...gotta love sentiment and charts
All puts out..think selling is bout done...buying back some longs during day. THink the bears get one on the head tomorrow for OPEX. Yes all positive....but who pays attention
SPY Sept. 18..291C @.60
SPY Sept. 12 290C @.36
QQQ Sept. 14 185C @ .65
Watching GDX long and TLT short for entries. Maybe tomorrow
scratch...rsi neg. dev. playing out it appears. Down into opex with WWW being a high and not a low...still in a bull market but pullback to SPY green trendline?
1/9/2018
Thanks! This is exactly what my plan is. I'm not gonna sell too soon. If I can stomach losing $7k and watch it go back up and back down, I can surely hold out until I'm up $7k! As I start making money I will sell off just a little to have cash for the next fall.
Anything is possible, but the bull market is alive and well. I hold from 85 and 78, and don't plan on selling for awhile, unless I get stopped out...but that is a ways down from here. I swing trade options mostly because I still have a day job, but can look at my phone when needed.
If you bought in 90's and rode it down to the 76's, why do you want to sell with only a small profit when you risked so much? Should be looking at risking small like 1% or 3% (though with this 3xleverage you need room to give it a chance) and winning at least 4-5x your risk. I will say I use Douglas idea of taking a small chunk out very quickly when in profit.
Lets say my average is 80 and my stop is 73...to make it worth my while the target should be at least 108 to make it worthwhile. This way I can lose 4 times and win once...
You could takes some off the table at some point so you have ammo down the road in case you have the opportunity to put it to work. I try to keep a portion of my account cash incase I screw up or have an oppurtunity. Not sure but probably you knew this stuff...just my take
I bought this in the mid 90's a while back. Because I am down so much, I'm just going long hoping that I can hang on till it gets over a hundred. I am encouraged to hear you say that it will go over 100 again. I cannot day-trade it because I have no money left not even to buy while it's down. Now that I understand it, I will hold it until I can sell for a profit wait for it to fall again and buy it again. What are your thoughts on all this?
Something about tariffs. Right now it is a game of bull vs. bears. Everyone is getting their share of action, unlike last year where the bears went broke. Plus WWW tomorrow(normally a ST low..coined by da chief) and next week is OPEX..options expiration...expect wild swings that make it look ugly.
Did you buy at the close? It will top 90's again and 130's and 150's...just depends on your time frame and patience. If your daytrading this its harder to manage because many times the overnight action is where the money was made..or lost
Why did this thing drop dramatically after hours? Is this normal? Will it get back up before trading tomorrow?
The world be bearish. Last lines held...running into a couple trendlines that slowed movement in the past but they are insignificant really. They may just guide for a day or a week. Not sure if the gaps fill but it would fit into a retest of the black trendline below, but will be quick. THe more I look a charts the more I ignore gaps, as you would be out of the market for most big moves it you wait for them to fill.
Long and strong...sold some of my calls today to lock profits...the only way to trade. Tomoroww is WWW..so anything is possible..
Second look..78.6 top of channel plus 200day at 77.77...seems worth a try around there.
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