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Almost looking like a double-top and the rally is fizzling-out...bears still very much in control unless SPY breaches and closes above 267.50....will da Boys unleash a HUGE-UP at 1-1:30pm or will sell programs bleed SPY to 264 minus by the end of lunch...?!
Very true, spartex - I missed the NVDA calls, but got AMZN around 1440 area, so I cannot complain. I'm still down on my AMZN 12/21 1700 C's but made up some decent ground with the average-down today which my SPY 270 P's paid for. I might just raise 100% cash here if SPY cannot breach 267 today...
New HOD for QQQ's; FANG's fighting back...will they lead the market UP again because the DOW aint buying this rally...AT ALL!
AMZN average-down calls starting to pay-off now...looking like QQQ's trying to fight back...
You have called this all along using broken technicals as a guide, ATH...big congrats, I hope you're profiting nicely!
Oh yeah, I was loaded with Tech and Retail calls for the "expected" TG and Holiday Season run-UP, but as usual, the SPY "protection" P's have saved my account!
I plan to average-down on the calls today around 10am, but will sell any spike and add puts. It's going to be a "scrambling" trading day for me to salvage my account and try and reduce losses...
Congrats to anyone who just sat in cash and/or had only puts here...a GREAT position to be in to start nibbling some FANG for Q1 2019 IMO...
I tend to agree, NN - although these levels violated pre-market, I don't believe it will last during the trading day. This is looking like the final "flush" especially for QQQ's...IMO!
Nov 30 QQQ C's could be very profitable here...
JMHO
Looking like da bears are still very much in control and any UP is being sold. It's almost like there needs to be a capitulation type "flush" to SPY 258-260 to clear the ceiling for a rally...
I don't think I've ever seen AMZN look this weak...
Lol...so true...I noticed that!
A few positives have emerged in a/h’s:
- Buffet’s holdings
- Tencent’s earnings surprise beat
- Cisco’s earnings beat
- some “caution” from Powell re: raising rates which has always been “dependent” on economy impact and inflation levels, however, the market has swayed it to appear crazy-hawkish to incite a sell-off. JMHO.
- Australia’s economic and employment numbers were a large beat and surprise.
If SPY cannot put a rally together tomorrow and Friday to breach 273.16 and 275...then good chance SPY tests 260- next week IMO...
That would have to go down as one of the best one-day bull and bear trap combos ever...
I made the mistake of adding puts at 270 expecting a double test of 268...a $2k mistake thus far!
Looks like the SPY 268 Gap-fill is the target...JMHO
Very nice, trade ATH - I sold my 11/16 275 P's too early but still a decent 100% gain...
I agree with you P71, and I'm 90% 11/23 calls for AMZN (1700 C's), AAPL (200 C's), NFLX (315 C's), SPY (275 and 280 C's) and GE (8C's)...yes, GE!
As usual, I have SPY P's to hedge and added at the close after trading SPY 11/16 275 P's 7 times today for over $1k per time...so, P's have been good to me!
A good day, but I'm still heavily down for the past two weeks. Da Boys have been playin' me...
Yeesh, I was happy with my 100% calls but also relieved I took roughly 75% profits on SPY, AMZN, FB and NFLX calls throughout the day. Also added some 270P's around the 272 area, only a little...wish I had added more!!
I was wondering when the volume would show up, and it did - roughly 40-50M in the last hour of trading...talk about a powerhour dumpfest!!
I suspect a gap-down to 268, and rally to 272 for AAPL's earnings...JMHO!
Another great trading day!
Lol, indeed. I'm hoping for a large Gap-Up tomorrow so that I can add those protection puts again. 100% calls for now...oops, maybe I shouldn't post that...now "da Boys" will gap it down tomorrow!
Sold remainder of 260P's at the close (for a small overall loss), and holding onto my protection SPY 270 C's. It's looking like these "protection calls" are going to become a 1-2 week holding since yesterday appears to be a bottom. However, if SPY gaps-UP to 270 tomorrow, I will add some protection puts.
Also holding 11/9 AMZN 1705 C's, FB 150 C's, GOOGL 1060 C's and NFLX 280 C's.
Great trading day today!
Nooo Ang, this market is way to shaky to get scared from puts. Having said that, I did just sell 75% of my 260P's since they were 11/2 expiry. However, I will look to add 11/9 SPY 260P's on the next spike...if there is one!
Only teasing ya, Ang! That's not going to be enough to stop the "wave of selling" IMO. Techs seem like they need a real big capitulation "flush" right now...
We'll see, but I'm not buying this little UP...
Oh no, Ang, now I know it's going to go the other way...better sell my 260P's right away!
IMO, this market needs a FLUSH now given the technical damage done...therefore, a test of the Feb lows of 250-253...that's the only way it will bounce back.
Sold puts, and missed AMZN 1700 calls by .50 on the dip...urghh!
Going to call it a day - what a fantastic week...except for my 11/2 NFLX C's which I've still hung on to...SMH!
Have a good weekend ALL!
Lol, I was net long, but locked in profits. I added 260 P's at roughly 268 since that was a middle-kelt and it was all looking a little too euphoric.
Sold my AMZN and GOOGL calls, kept SPY 270 C's. Added SPY 260 P's and NFLX P's...will sell at roughly 266 to 265.50, or quite soon...
Then, I'm done for the day - going into Monday mostly (85%) cash.
Would be SOMETHING if they "pulled the plug" here and now, and we saw the FLUSH to 253, I doubt it, but would be ruthless!
Brilliantly done, Guta - I have AMZN and GOOGL...just took profit on GOOGL, but holding AMZN!
Nice GOOGL green now...what an earnings fake out - those AMZN and GOOGL earnings were STELLAR!!
AMZN grinding to a new HOD...could gain serious momentum to 1700+ if/when it breaks...
Looking like BABA, AAPL, NFLX are going to turn green...perhaps even GOOGL!
TSLA ripping...so happy, I never shorted it!
Exactly - good money to be made both ways.
Because the market was in "la la land" and didn't want to listen. Q3 feedback from CEO's finally woke Wall Street up with a major "slap in the face".
That said, as usual, Wall Street has completely OVERREACTED like another Financial Crisis is coming, which it isn't.
Oh, the senseless DRAMA!
Hey, I'm happy, volatility is what we as traders love and adore...time to make big trading money!!
And the funniest one I've heard is that Besos purposefully understated Q4 guidance to stick it to Trump and aid the Democrats in the upcoming midterms. Yes, and with 83% beat on earnings and over 1000% revenue growth in one year....PRICELESS!
Lolzzz...EM's have been flashing warning signs for months that US equities were completely in "la la land"...major divergences, and this whole downturn is "man-made" by the President and his tariffs + his appointed Fed Chair who is raising interest rates with reckless abandon!
It's takes being an independent outsider from the US to see the whole picture VERY CLEARLY from a HOLISTIC view.
Flush, flush, flush...SPY 253...come on da Boys!!
SPY, looks like they might be going for the "flush" today which means if the VIX spikes enough, we could see SPY 253, and then the MEGA of all bounces...hope so!
I agree, no systemic risk, and Q3 earnings have been as good, if not better than Q1/Q2 - I mean AMZN's profit grew by 83%, and revenues have grown over 1000% in a year...incredible!
Boys going to pull "bait and switch"...IMO
So true, although I doubt it, not impossible that all looks rosy tomorrow morning, however, it's very clear that any rally needs to be sold..."these days". I'm just hoping for PUTS at a decent price...
Thanks spartex...I don't like not having my usual protection puts, but I'm pretty confident calls are the right decision despite these negative reactions to BLOCKBUSTER earnings. I will add calls on any downward movement tomorrow, but will be patient before adding.
Going to be an interesting Friday tomorrow given these early reactions to big TECH earnings...I would guess down and then UP UP UP to 274-275, but it sure doesn't look like it now.
I have 100% calls so it'll probably sell down to 260 or 258...lol!
Lol, on stellar earnings...AGAIN! Love this part; "Net income increased to $2.9 billion in the third quarter, or $5.75 per diluted share, compared with net income of $256 million, or $0.52 per diluted share, in third quarter 2017." - that's over 1000% growth, pretty amazing IMO!!
We might be starting a BEAR market if the market reacts like this to some of the best earnings I've ever seen, and I've been a perma-bear!!
Looks like a good decision to sell on AMZN, BOS, although it appears they killed earnings i.e. 83% beat, this was not good enough for wall street because revenue ONLY increased by 29%...lol!
I'd expect some redemption from AMZN and possible upgrades tomorrow but the market might still dump it off a la CAT...who knows!
I hung on to my QQQ's which are now a loss despite all the BIG tech beats!
Yeesh, sold my AMZN calls WAY too soon! Come on boys, triple my QQQ's!!