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Just my opinion on the USD. I think that $93-$94 holds and it starts heading higher from there. I also think that going long here would not be a wise decision because we could bounce around here for a few days before DX finds that bottom I mentioned but either way I still think $93 +/- holds and we see a steady climb. It too early for me to put any type of accurate target out but if I were looking to close shorts and open longs the next low close to 93 would be my signal. Again just my opinion but that's how I'm seeing it at the moment.
Absolutely 100% no question about cash flow funneling into BioTech. I do think IBB is set for a pullback to about $270 which is just another opportunity for long entries. As a matter of fact I see two opportunities to flip before it's heads back over $300 on it way to that $335 number.
My IBB target is $335.
Guys I've been talking about NG $1.89 for days and we're finally at that support level. I'm thinking at least 2.20$2.30 before the next pullback but more importantly if this $1.89 holds it only leaves the bullish count on the table which
Does everyone understand what I'm saying for ES/SPX. No matter what happens with this bounce I'm still thinking we are going lower. If it'll help I'd be happy to put out SPX numbers but as far as ES goes I'm thinking 2020 at a minimum with 2000 a very good possibility.
Questions.
Nat Gas, if $1.89 holds I'll be long before the EOD.
This is important for volitility players. I'm still long UVXY and will add if we get a bounce from ES right here. I suspect it'll be from about 2046 to 2056. If that happens I'll be adding 30% of my initial buy at that 2056 area. If this out we should see a test of 2000 after the bounce to the 2056 area.
Yep, still holding UVXY. This bounce looks corrective to me, meaning lower lows still to come. Could even see a gap up in the morning from here. My initial target was $22-$27 so as you can see it still has a ton of room that we could see before the end of the week.
Someone asked for my thoughts on IBB. Thinking it's getting ready for a pullback to about 270 before a move higher to about 290. If that plays out ask me again and I'll put out the next leg.
I'm still holding, thinking this is not the start of a move higher but I could be wrong. I'm working a decent gain on UVXY and I'm holding until tomorrow at least. I still think ES is going to test the 2000 mark or very close to it. At this point I have no reason to believe otherwise. In other words I think today bounce was just setting up the next move lower.
Guys this $1.89 number for Nat Gas may turn out to be the last chance to get shares at this price. If it fails I'll be setting my support zone somewhere between 1.50-1.60.
For those of you playing Nat Gas I believe 1.89 is an important pivot. If it holds we can expect higher highs. If not we could see much lower prices.
Not sold on this mornings move from ES. Volume is too low IMO.
Good Morning EST, running a little late this morning but I'm here
Nice, so far so good.
Right now I'm holding UVXY from just over $18. I opened the position last Friday because I see a strong indication that SPX should continue a bit lower before it either bounces or breaks support. So at the moment I'm using 2030-2007 as my support zone. No matter where we land I think we've started a rather complex pattern that will provide several 100 point moves. That's if 1999 holds, we drop below that and we could be on our way to a 300 point drop.
So to be clear I see several opportunities to flipp UVXY/TVIX off the upcoming 100 +/- point moves or we may get an opportunity to hold for a much larger gain. That is one of the main reasons I chose to play it here. If we don't get that huge drop we should still have several chances to make some decent coin playing shorter term holds.
My current target for UVXY is between $22 and $27. Of course if we follow through to the downside it'll be much higher. Even at $22 that would be a 20% gain and I'd take those all day.
Been through the process several times so I understand exactly what you're saying. It seems no mater how well you plan you never have enough time. It does get better, at some point, but running your own business is demand proposition regardless of what stage of operation you're in.
Good Luck, hope it works out for 'ya
Right now I have a neutral count for NG but a break of 2.04 or a bounce off of 1.90 gets me buying.
Anyone use the VXX chart for volatility plays?
Good Morning EST, anyone have any questions
Would love to see UVXY close near HOD.
UVXY above $19. No change on this end.
Just personal preference at the moment. Either or is fine IMO.
Oil seems to be moving pretty close to the way we called it. Right now USO should not move back above $9.50 if we're going to see that 6 handle
Going to grab a sandwich and read the board.
I'm liking our UVXY entry just above $18. Right now I'm just hoping for a test of 2040 ES. Better targets to follow.
At the moment all is well with the UVXY trade. Setting $17.64 as my stop and rolling with it.
Good Morning EST, I'm short the markets and hoping to add again on a break or 20161 ES
Remember $35.68 is support for CL.
For those of you that missed the first oil entry we should be getting a decent bounce for a good entry. Remember I'm thinking this may be the start of a decline into our final low.
Brother I'm doing all I can. Still have the family in visiting and the weather is beautiful.
Oil continues to play out as expected. Take a look back and you'll see what I'm saying.
Sorry guys, I opened, started to scale in, my first position in UVXY just above $18 right before the close. I would have posted a little quicker but didn't have access. I have a few others I'll posting as well but wanted to make sure you guys know I'm short to open the week.
Guys I'm going to do my best to make in in for at least 1/2 a day tomorrow. Most of my accounts have been funded and the timing couldn't have been better in my opinion.
Not sure if you guys caught my post yesterday morning about the markets pushing a little bit higher and falling back down into the 2040 support area and that's pretty much what's taking place. I'm bringing this up because it verifies my current chart work or at the very least adds some validity to my current micro count. As I've said many times I'm really trying to focus on longer term market and commodity trades but you've gotta start somewhere. Anyway once we've got ourselves in longer term trades I'd really like to concentrate on some individual stock plays., I have several in mind but any input is appreciated.
As the Q comes to a close tomorrow you're going to me start and make more trades in anticipation of what I expect to see over the next 3-6 months.
Just about the time no one wants anything to do with the short side we'll see a pullback to keep everyone honest. You watch, maybe one more push higher followed by a pullback into that 2040 support zone should eat up a day of so headed into the end of the Q.
Gold/Silver
I'm watching these like a hawk for a clear entry. I give you my word that as soon as we have clear signals I'll be posting for everyone to see. The reason I haven't posted my upside target is because we haven't made a play yet. I've been watching gold move since Monday just like everyone else but I still can't make the call for entry because it's possible that the entire move of the 1205 level over the weekend is not going to hold and we'll see lower levels before we turn higher again and chew up some serious real estate. Guys if you recall I said I'm going to be looking to call longer hold swing plays and I also said I wasn't going to be here much this week. I don't want to post a long entry with the possibility of one final move lower before we head higher. It would cause some serious panic if I said go long at 1240 and we drop to 1202 before turning higher. That is a possibility, not that I see it happening, but you never know. If I were going to be here I may be long already but I'm not and with the current move higher not shored up I just can't make the long call YET...
CL/USO
The current chart is overall bullish and will remain that way until CL breaks $35.68. Now with that being said it's currently setting up in a 4th wave triangle that should eventually resolve to the downside.
In plain english: Until we break $35.68 the chart is saying bottom is in. However the current movement is leading me to believe oil is going to break down from these higher levels and will eventually break that $35.68.
Once I make a short commitment my target will be under $25 and most likely closer to $20.
/NG NAT GAS: How you want to play the long/short is up to you but this will give us and entry and direction.
Guys I'm going to make a play here very soon, most likely in the morning. I'm watching to see where the current move to tops out. If we pullback before we break $2.036 I'll be looking for a long entry between $1.937-$1.899. If we continue higher and break $2.036 I'll be looking for a short entry right around $2.10.
Guys I apologize ahead of time if I'm stepping on anyone's feet. I didn't read the entire board so if any of you guys have already posted about buys or entries for any of these tickers I;m just running down my list. Once I get caught up I'll make sure to reply directly to the thread in the future.
Not sure if you read the reply I sent about ABX.
ABX