Here is Friday's Post so that you will be able to comment to one another today. I will be gone Wednesday - Friday on personal family business. I will open posts each day for your comments and communication to each other. All the best with your trading.
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Well, here's the oversold bounce from yesterday's big down day. Maybe it will hold up?
ReplyDeleteJoe
Today's option expirations - expect volatility. So what else is new?
ReplyDeleteGood trading everyone...!
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ReplyDeleteHopefully this will hold or the fibs are showing a scary sight of 6000ish on the DOW.
ReplyDeleteGood luck to everyone today.
Garret
SPY 77.50 seems to be resistance so far.
ReplyDeleteWhat are the lines in the sand that you are all watching for the SPY or DIA before you even consider making a move up or down?
Good trading all!
Francis
SPY 77.50 seems to be resistance so far.
ReplyDeleteWhat are the lines in the sand that you are all watching for the SPY or DIA before you even consider making a move up or down?
Good trading all!
Francis
Hey Francis,
ReplyDeleteI don't want to enter any new put positions. If this bounce does hold up and then rolls over on the 60's, I'd say that's a great put opportunity and enter puts. But if we can break 8,000 I'd say that's positive and a break of 8250 would be very positive. Take a look the 30dma, it seems to be acting as some very nice support and resistance on the 60's. Also, if we break support, who know's where we'll go.
Joe
Thanks for sharing Joe, and I take your point about volatility today Laurie.
ReplyDeleteSo perhaps next week will bring some form of clarity hopefully!
Profitable Endeavours to everyone!
Francis
Just a guess on my part, but after the big sell off yesterday it looks like things are settling. There's no economic news out today, and there's no decision one way or the other on the auto situation to provide a catalyst. Do you think it'll be the last hour again today with a flurry, or with a dump?
ReplyDeleteWell, Laurie.... I must admit I prefer walking into a Flurry than taking a Dump! ( sorry, it's been a long week!!!)
ReplyDeleteNot much conviction with this bounce on opening so far.
Perhaps traders are looking to ensure the lows of yesterday hold before they dip their toes in, which of course, might be clearly seen closer to the close.
Francis
Lower hi's on the 5's but we are filling the gap. So either we breakdown or bounce after the fill. I would need to see something happen around these levels.
ReplyDeleteFrancis, I left the door open on that one, didn't I? Glad to see you've kept your sense of humor! It certainly helps me keep perspective. Circumstances of late require some sort of comic relief.
ReplyDeleteHey, has anybody looked at Gold? It's really shot up.
Yes Laurie, spot bullion touched $795 today on a spike; has been stuck at in range of 730 -750 for a while but there's talk of a double top in the USDX plus maybe the safe haven thing is being reconsidered.
ReplyDeleteI'm looking at a horizons beta pro fund etf on Toronto just to park some money I don't have to watch incessantly.
Francis
The news is saying that citi looks very familiar to other banks that ended up going down. So people might not want to be long going into the weekend. They say that the market cap for c is 21 billion right now and that is after the fed gave them 25 billion?????? That is our hard eaned tax $$$ at work.
ReplyDeleteGetting a bounce on the 5's but I will wait for a higher hi and low. This price area is to scetchy without confirmation.
Looks like some support on the DIA at 76.25ish. May get in if it breaks the 76.50 to 77 area.
ReplyDeleteBought calls on spy on the 5's higher low bounce @ 76.10 sold 1 @ 77.10 stop @ 76.50.
ReplyDeleteWow! SuperDayTrader Steve! Great for you!
ReplyDeleteNot in a position to swing trade so quick intraday; but cheering on all of you that can!
Francis
Steve,
ReplyDeleteAre you trading counter trend on SPY?
Since Laurie brought it up....
ReplyDeleteinteresting to see spot gold actually break $800 and hold so far. Nothing really significant about the psychological round number.
It's been a while for gold to shoot up $56 in one day.
My juniors are looking healthier and my Jan $20 calls on GG are in the green. Savouring the moment for now.
Francis
Ken, I am trading off the 5's with calls on higher hi's and lows then puts with lower hi's and lows and or support and resistance spots. I also have pretty tight stops when I get in initially and use targets interday to scale out.
ReplyDeleteToday I am net down, but not much. These midday ranges hurt me so I am debating to trade the 1st and last couple hours and skip lunch.
I am trying to learn price patterns and candle formation like Dwight so if and when the market gets normal or when Dwight can help us throughout the day I will be ready with more contracts or stock trades with more confidence.
Bottom line I am biding my time with playing the 5's so I can get more trades and more practice on a smaller scale. Besides that staying in a trade in this market longer than an hour or 2 is to scary for me.
Like the variation of a rising three method on the 5's just now on the spy. bought calls @ 78.10 sold 1 @ 79.10 and stopped out of the other @ 78.50.
ReplyDeleteLike the variation of a rising three method on the 5's just now on the spy. bought calls @ 78.10 sold 1 @ 79.10 and stopped out of the other @ 78.50.
ReplyDeleteLooks like we might finally have a good week for calls next week on the DIA and SPYs! There is talk of a continuation of this late day bounce upward. Anyone else seeing a reverse head and shoulders on the 6 month charts? I am wondering how this will all play out. It seems like we just hit the top of the head, or the lowest part. Who knows though, there is a lot of bad news out there.
ReplyDelete