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Took some puts here, might hold overnight depending on how the rest of the day goes.
I agree that todays intraday chart looks bullish and I noted yesterday that a clear bullish candle pattern had formed on the daily chart. I banked on overnight calls. Before yesterday I was bearish but right now the chart looks bullish going forward. Volatility is high so my outlook changes as the moves happen.
What are you seeing that makes you think that?
the traditional indicators have been working well this week.
Hugely profitable week of trading.
Bullish harami pattern showing on the daily now. Bought some September 195C.
In some October 190P for a daytrade. Could go either way.
Based on what happened today I am inclined to believe that today's lows are not the bottom. The government clearly stepped in to stabilize things and if they hadn't, I think we would have saw an even bigger drop. Last week I called for 195 this week and it's only monday and we touched 182. I don't think the indices will just bounced back from the brutal global selloff we saw today. Now I'm thinking we go to 170's in the next 2 weeks as opposed to going back over 200.
IV is too high.
The fed is stepping in here.
was expecting a correction but this is steeper and faster than even I thought would happen.
It's too early to tell but if you guys had to gamble a million dollars today on one of these two scenarios which would you pick?
scenario 1: An October 2014 like steep drop followed by a V shape bottom leading to a recovery and eventual all time high's by year end.
scenario 2: A steep drop followed by a sustained bear market and sharp correction where spy does not go above 200 again the entire year and ends the year more closer to 175.
Bearish close, heavy selling pressure. Another drop on Monday is likely.
oh indicators work 100% of the time oh ok, RSI is oversold so I guess you will be putting your whole account into next weeks calls, remember indicators work 100% of the time.
I was just kidding, but I think your putting too much weight on those indicators. During normal candle patterns I do use them and they do work well, but in this situation I wouldn't rely on them. We're entering a correction and spy is not trading in normal patterns right now and therefore those indicators aren't nearly as reliable as they would be usually.
the 2000 period RSI.
Market has been overbought since 2013 so it's not oversold yet. 160 and then it's oversold.
game over bulls.
I'm staying on the sidelines until things settle, indicators don't matter right now IMO.
BAC swing calls is an idea I have.
Yeah same here I think there's a good chance for a decent bounce but I will resist and just watch for the rest of the day.
I sold both my positions. Sold overnight spy 202 puts $3.90 to $5.02 and sold 4k uvxy shares 25.50 to 34.80. $42K total profit. Now just watching.
buying calls here is very dangerous market is crashing.
taking some september 202 puts here AH will sell tomorrow win or lose.
Up 25K on my 100K uvxy position nice.
The correction has started and people buying calls here just because spy has bounced here on previous dips this year will be slaughtered #beartime
Why is everyone so confident that spy will bottom here?
195 next week.
The big one is here. My 5K uvxy shares at 25.50 are looking good. Will keep holding.
Yawn, the manipulators are propping it up again. Chart tells it all, the bull market is on it's last legs. I remain bearish and will ignore all these manipulated pops. I have a 100K position of uvxy and If we go over 212 again any time this month I will buy a 100K october put position.
How can spy even trade like this? super rigged.
I'm done trading these small up and downs and have heavily positioned to profit off a substantial downturn in the coming months. Not even gonna try to daytrade these wild swings anymore. Gonna just set my long term bear positions and walk away for now.
The black swan sell off is coming and spy will crash harder than ever before.
we won't see 214 this year at all.
I'm long UVXY 2k shares at $25.50 holding for a double. I fully believe a real correction is right around the corner.
Head and shoulders pattern has formed on the daily. 1 year daily chart looks decidedly bearish. All economic indicators point to an overvaluation of the market. Unless the fed has a new magic trick up it's sleeve SPX will crash, hard.
Buying some september 204 puts here.
I hope we see ATH soon and stay above these current levels, trading this channel is getting monotonous.
looks like it, bots know how to work the 5 min candles to trick people.
Looks like a rollover coming Buy to open 100 cons july 31st 209p @0.96