This is exactly why I wait for the morning's news to play out.....Asian and European stocks beat a retreat overnight and this morning on the continuing financial crisis. The U.S. earnings have been doing fairly well, but T and BA missed expectations and Samsung withdrew its offer to buy SNDK due to "uncertain business conditions."
The sure-thing gap up on the Naz is gone as pre-market futures are down. However, just like yesterday, we could see some ups as well as downs. I'm still going to watch the narrow range support and resistances that I drew out for you yesterday. But the odds of a head-fake just went up about 20% in my opinion. In other words, we could break the range and appear to be headed towards the next support or resistance level and then crack right back into the range. I would put that possibility at about a 30% - 40% chance or so, which means I'm not going to hit a range-break trade with both fists and a foot. Now I'll hit it with one fist and a toe.....As always, we shall see what the new day brings.
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Hi Dwight
ReplyDeleteGreat charts last night. Thanks for the analysis. I look forward every day to what you are saying. Even with the good news on apple I fear for a break of the lower diagonals. As you say, we shall see!
Ken B
I held a spy put overnight.
ReplyDeleteTook profits immediately upon open. H A P P Y!!! Denise
Well done Denise!
ReplyDeleteOut most of the day so not trading today; all the best to everyone.
Francis
Awesome trade Denise! You've got more guts than me for holding overnight!
ReplyDeleteI'm gonna wait for a pullback on the 30's before I do anything today.
Joe
Denise, excellent trade.
ReplyDeleteI got in and out on SPY calls for a quick 0.25 gain. Funny thing, the price never really moved.
Love those 5 min charts. Trying this again today.
Got stuck at work in meetings. Could not get out of ACI calls yesterday. Ouch!
Don
Incredible trade, Denise! I had to help a family member today, so I missed most of the fun. I can't wait to hear what you traded the rest of today!
ReplyDeletethanks everyone!! Taking profits this morning....it was hard work but i managed the best I could!! haha
ReplyDeleteit's been a while since I checked in b/c I wasn't home most of the day, but i'm sure everyone was buying spy puts like crazy?
I walked in the door from a dr. appt at 3 p.m. and saw the market tanking hopped in and made another $95 in 10 MINUTES. this time I bought 2 strikes ITM. I usually do 1 strike ITM or ATM but this time i went deeper in. What does everyone else do? hope everyone had a good day.....bye, Denise
Nice job Francis and Denise. I wanted to get in, but I really didn't like any of the setups. The moves were huge at the beginning and end of the day, but in between nothing really happened. I was thinking of getting in with the bounce of resistance on the dow around 8830, and I wish I had.
ReplyDeleteJoe
Nice job everyone. It's been really tough lately. I understand that these are not normal market conditions but feel like " are there EVER going to be any normal market conditions? I just have not experienced any "continued " growth to my account . I;m in the green one week , the red the next and back and forth. I cut my looser short maybe too short sometimes , position size 1 contract at a time ( I have a small account and can;t risk a lot Dwight' teaching has helped a great deal but when I look at my returns it does not seem to materialize. Does anyone have any suggestions or input? Thanks I follow this blog daily - it is so very much a lifeline!!!!
ReplyDeleteClaudia
S&P Futures bouncing strongly since the close; up to 918 as I type at 1am Eastern; worth a call play tomorrow !
ReplyDeleteFrancis
I sold bear calls early in the day and then scaled in buying back the short side at resistance through the day. I was out of 50% of the shorts when the rally started. I made good money with the resulting long calls in the rally.
ReplyDeleteI plan on repeating tommorrow but I will close all shorts if there is a late rally.
Ken B