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Nice trade!
QQQQ=47.71 and SPX=127.74 were my first target/resistance levels. It looks like now they are indeed going down.
VIX is now + for the day.
VIX Jul 32.5 calls @ 1.15
Here is a look at one of the many variants of the E Waves counts, compatible with Bob’s position. We are in wave 2 (red circle). Wave 5 (grey) which closed the Wave 1 (red circle ) down was truncated, but this is quite frequent in waves 5. Right now we are probably in a corrective smaller wave ‘b” which is very hard to play because it does not have well defined targets in EW theory. That is one of the reasons for which why I am just watching the markets today, after I sold lately lots of positions, as previously posted.
W2 (red circle) should retrace a good portion of W1 (red circle). I like a 70% retracement, which worked recently better than the famous Fib 61.8%, and which also has some math backing, that I might discuss some other time. Anyway, that level coincides with the confluence of two important straight lines, both active: the upper limit of A’s Fork and the midline of the Regression Channel.
If we look again at QQQQ today, we did not witness a very successful UP manipulation. The AB=CD minimal requirements were fulfilled while the “harmonic patterns” predict a Gartley butterfly top at only 47.63…which is in the middle of the gap of 5/14.
Very similar patterns are exhibited by the stocks who were the favorites of this latest rally.
I am getting ready to buy puts.
AMZN July puts is probably a good play here.
Last night, as Asia was closing and Europe was opening, the Midnight Cowboy started to buy futures… Until the price action of RUT will drop vigorously and INTRADAY (not by gap) from the Regression Channel (+/- 1.618) the “disconnection” between economic reality and “free equity markets” will continue. Let’s not forget: after OpEx… comes Ben B and then...the end of quarter... A few more days…
Congratulations "theparty" !
I am not decided about MXWL… It has such interesting fundamentals, but the market and the analysts seem to ignore it…
Two factors might contribute to taking the market UP this afternoon:
- OpEx manipulations meant to kill the shorts.
- Increased Momentum UP due to short covering.
NO good fundamentals: NADA!
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I am ready to sell some of my overextended LONG performers into it…because it won’t last long.
Sold already PPO and FXF.
Ready to sell: NKTR, XIDE, CLDX, CBAK, AXN.
To keep: AONE and KERX
They are all a mixture of Stocks and calls…
PPO at Needham: "strong buy" with a target = 27
PPO UP a lot!
Yes, at 670.
As I suggested this morning, I rode IWM Jul 66 calls from 2.30 to 2.80. It was bumpy but much better than trading TNA calls.
AONE and PPO are the lead dogs of the BATTERY sector, according to a classification released by "Indie Research". Good catch!
I am considering switching from TNA/TZA to IWM/RWM options which are significantly more liquid
I am out of the AAPL trade but the only question is: where is it going to close on Friday? I would reenter a new AAPL trade any time if I would get some ideas. If I do, I’ll let you know.
VIX Jul 30 calls last = 3.70. Let's not jinx it... Tomorrow is op. exp. for VIX June contracts.
Bought some VIX Jul 30 calls @ 3.30. Too expensive…
SPX (3Line Break, Daily). Ready to reenter the Price Channel (yellow) , FROM DOWN-UNDER.. It did that only twice after Mar 09/09, both times with excellent follow-up. Last time, it was after the Feb low.
Interesting to notice: it did reenter the Price Channel FROM ABOVE many times. Three of such reentries stand out for heralding significant price drops: Jun 09, Feb 10 & Apr 10.
July should be good enough...
Thanks Lee for the very thoughtful and explicit advise. I will follow it…if I get filled.
Lithium based batteries are still widely produced by many makers. CBAK and ABAT are two of them; they are also much closer to Afghanistan than to Bolivia, which is now the No.1 and only serious producer of lithium. I expect them to pop anyway, but this will be an additional incentive. One have to be very nimble because the HF-algo-traders will exploit the news….
B.: Very intersting and useful post! Thanx!
Breaking news: Huge deposits of lithium just discovered in Afghanistan, which will become the "Saudi Arabia" of lithium… [N.Y. Times]. This is huge!!!
Bob Prechter recently suggested the Swiss franc as a long for the next currency moves. So far, the Swiss government (…if there is such a thing) tried to keep the SF low versus the Euro… but this action is apparently not very popular in that country, proud of its “frankli”…Charts look also bullish. FXF options are not very liquid but buying Sep calls, if one can get them for a good price, might not be a bad idea…
It seems that they are now both targets “in sight”…