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Yup...definitely looks that way...
WTH...looks like the quick drop angered the BULLS...what a response spike...SPY to da MOON...SMFH!!
Agree, risk, I have my protection calls which I’ll dump at the open and use the profits to add 6/8 puts. Your gap-up prayers were answered!
True, they'll probably take SPY up to 280 in just the morning session now, or was that what I wanted them to do?!
Thanks Tom, it certainly does look bad but it's clear the PPT is using low-volume trading days to "prop" the market. Today's $1 and .50 spikes in less than 2 minutes were interesting....
It's not impossible that they use the Summer doldrums to keep it all up as long as possible before a MONSTER drop in the fall...
If only we knew...we'd all be RICH!
I'll be hoping for ya, risk - I'll be happy with a gap-UP, or any Up, to add 6/8 puts since I could definitely use more at cheaper prices!
Very possible we get a quick spike from the Employment situation, and then the slow-bleed down throughout the day until panic sets in, especially if the QQQ's start dropping!
I do believe the SPY 240 drop is close, BUT, the one indicator confusing me is the Russel 2000 at ATH's otherwise I'd be very confident...
Interesting you say that, Tom, and I agree, tomorrow's action is key, but technical WARNING signs are there and I believe the Summer could get ugly...fast!
Firstly QQQ's are leading the market again in May despite insane valuations and P/E ratios..."tech bubbles" have typically peaked and preceded a big sell-off. In addition the H&S pattern.
Secondly, SPY clearly doesn't like any indecision candles and they have routinely signaled a deep DROP coming. That said, the 270 support has been impressive this week which will keep Bulls from backing-away. However, oil looks to be pulling back, and the banks are looking in bad shape especially if Italy becomes a mini financial crisis with some systemic risk. Energy and Banks are a large component of SPY, the remainder is big Tech. If big Tech falters like I believe it will, SPY will be facing a massive CORRECTION...JMHO.
- XLF looking sick!
Agree, probably a +$1 JAM JOB at 3:59pm!
And if there EVER was a time to sell in May, it would be RIGHT NOW IMO...all positives are baked-in, valuations are at ALL TIME highs, and landmines are all over the place...
I think that's the only thing holding SPY up right now...these spikes are .50 in a minute or two...
However, I'm using any UP to add 6/8 270 P's...
They are really fighting hard to protect/preserve SPX 2710...if it breaks, there could be a nice cascading waterfall to close the SPY 269 gap...two gap closes in one day would be IMPRESSIVE!
Thanks BOS - ahhh, NFP day...agree should be UP unless the wages inflation number comes in hot, but unlikely IMO...
I did, but bought back expecting further weakness due to tariffs and Italy contagion...yesterday beat me badly and I was traveling so couldn't hedge, but managed to triple-down on puts EOD which benefited me today - I'm still UP for the week...WHEW!
Wow...I noticed oil also spiked and I wonder if that caused the SPY spike since it's heavy Energy. Also, QQQ's are green but Dow still down over 160 points...
WTH...I was finally getting some love from my 6/1 puts and then a SPY vertical of over $1.30 in less than 5 minutes...good thing that I sold 50% puts on the way down...!!!
Congrats to anyone who had SPY 272C's for that spike!
Looking like Nasdaq which held the market up yesterday might pull it down today...nice technical H&S pattern on the Daq...
I hope so...just doubled-down on puts!
Bummer Ang...a win is a win, and there’s always another trading day!
I think we’ll still see some heavy “down waves” but the buying was endlessly there yesterday...they’re clearly trying to protect the SMA50 with all their might!
I have 6/1 270 and 269 P’s, but it looks like they’ll be losers today...
Damn Ang...wish you were there to cash-in...but Mom points and experience...priceless!
Hey, you can do both!
She bought 5/29 267.50 P's at .04! They hit .43!
SPY dropping nicely...I was hoping you would have locked-in the 1000% profit...but might be more on tap!
Nice Ang, nearly 10-bagger!
Well, not much of a lotto today, but I managed 272C’s at .12 to .30. Those 272C’s have been paying all week.
Have a great Memorial weekend all!
Yep, looks that way BOS...not enough sell volume to keep the buy-bots down...
Geez, the QQQ's are being stubborn and holding off...if they drop, we could see 270 today, if not, probably back to 273.50 or so...
Nice Ang, I hope we kill it today...looking good with Energy pulling down SPY already. Now we need Powell to kill the banks and big tech profit-taking, and boom-shak-a-laka, we're at SPY 268-269!!
Yes, a day trader account - I hope you get there because it truly makes a difference! The lottos are very rewarding but are dangerous since over 60% time, you lose everything...I typically throw no more than $200 at it. Sometimes I do a "straddle" and lose both because da Boys keep it right in the middle...dem bassturds!
I will, BOS, unless SPY closes above 274 - the positions are 6/1 so they shouldn't devalue until 5/31. I also have protection 272 and 273 calls.
Powell speaks tomorrow before the market open and he's usually good for a .50 to 1% drop!
It was the 5/25 272C's and yes, it was .24 in less than 5 minutes (bought at .96, and sold at 1.20). I actually did the same thing 3 times today with the 272C's i.e. buy at .96 to 1.03, sell at 1.20 to 1.30 usually within 30 mins.
On expiry days it can be even better i.e. yesterday I had 272.50 C's at .06, and sold them for .63 in about 45 mins - I think they went to .80 not long after I sold...we call it the expiry LOTTO. That said, I mostly lose all my money on them when they expire worthless.
I'm wiped, I think I made over 15 trades today, but decent profits.
I'm all loaded for the DROP with mostly profits, but have some protection 6/1 273C's just in case...
Appreciate your input!
Archi
It's funny because I bought 272C's expecting it, and they sold for 25% gain in less than 5 minutes...thanks big BUYER!
Also added more SPY 272 and 270 6/1 puts...
I think you're right provided it reaches 273 again and gets slapped down...nice double top and DROP!!
If it breaks through...that's another story...274 could come quickly with the usual EOD buying we've been seeing...
JMHO
Yep, exactly what I'm waiting for!
Agree - I'm seeing a lot of buying in certain stocks. I think'll they'll do the same thing they did yesterday...
So true, been a Sold 80% of my SPY 272 and 271P's, actually added some 272C's for a bounce. However, still holding heavy SPY 270 and QQQ 166 P's for 6/01 expiry...
Added GE $15 C's...hope they work out...
True that, but look at what typically follows those big green candles at breakout levels for the QQQ's...
The post-Fed nonsensical euphoria is likely to be eclipsed by Europe woes and failed China tariff negotiations....I'd be very surprised to see 274 broken and closed above.
Bring on the HH!
Personally, I see today's post-Fed action as the setting of a bull-trap, and tomorrow or Friday the BIG DROP to take out 270.
Too many headwinds out there, however, that's typically when da Boys like to surprise and do the opposite, especially on summer low volumes...
Beautiful QQQ head and shoulders has formed...so...was today the "jump" before the END for the tech giants...??
I have to thank you for your post...I'm heavy short both QQQ and SPY, but when I saw your post, added some "protection" calls which worked out very well.
Just like you said BOS...banks rolling-over ahead of FED minutes...
Lol, that's true...always the same story!