Market looks weak today, particularly the financials. All kinds of doom to go around, but the most important thing to me is the bearish candle from today on the /ES. To me, this candle suggests a consolidation into tomorrow, perhaps even a revisit to the May lows before we can rally again. Let’s see what unfolds, but for now I’m positioning around that revisit to the May lows, I have 1 or 2 small positions on to speculate now but I’m going to hold off on executing a lot of orders until tomorrow morning.
/NQ 2500 and /ES 1295 are particularly interesting levels for me to jump in.
This image is particularly fitting for today.
The daily chart of the Nasdaq looks ugly! Jon, the daily chart of the Nasdaq looks ugly. Ugly as in bearish.
P.S. this is a hint for you to find premium and let the market come to you, not to trade directionally just yet.
I am expecting a bit of a bear rally here. The market is pretty oversold, a bit of a rally would be healty for a permabear’s diet here. Let’s see what unfolds. Huge price action today! Lots and lots of option premium to be sold here.
Brazil looks nice!
We’re ready in Advance. And hopefully taking advantage of a gap fill!
These will all be swing trades to the upside for me. Small positions. I’ve still got my eye for new short plays. I still think there could be a rather significant move to the downside in the pipe, but for now, I am mildy bullish.
Just follow the light of the great Mufasa.
Harley Davidson is in the house at work today. It’s slightly less classy than normal.
More importantly, the market tried to rally to new highs yesterday, but ran out of steam by the end of the day. The tech sector especially ran out of bullets, AAPL went from +12 to -2….YUCK Looking for more choppy action today. Let’s see what that hammer brings us.
Pretty epic conversation took place just after the opening bell this morning.
Chad: I’m going to buy this stock.
Me: Me too!
Marissa: What! You are buying it solely because he is?
Me: That’s right.
Marissa: If a friend jumps off a bridge…would
Me: yeah, but I don’t want him jumping into a pot of gold by himself.
Marissa: haha. Whatever.
Chad: Co-signed, sealed, delivered. It’s mine!
Me: It’s about to be Ducktales in this bitch!
Marissa: OK Scrooge!
Chad: A wooo oOOo
(Chad is my boss, CEO, and father of 3)
Markets left child position to rally quite a bit today, S&P has reclaimed 1400. I only closed positions today, nothing new or constructive to add here.
Yes AAPL hit earnings yesterday …and I still dont care, lets see what happens next, I care more about Thursday and Friday than I do about today’s massive 50+ point candle. I had two positions on last night, one made more money than the other lost, so its a win! More importantly, I’m taking a step back for a day in an effort to get things done, enjoy life, and not OVERTRADE this market. See that Oprah? Self-empowerment.
NEVER CHASE BIG GAPS! …Like today’s