Here is Thursday'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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Another wonderful day in the market! I'm with Steve when I say the next level of support is around 7500-7000. Who knows now..
ReplyDeleteJoe
Wow is about all I have left. Looks like some support at 78.50ish on the DIA's. Good luck everyone.
ReplyDeleteGarrett
Morning Gents and everyone in Team Dwight.
ReplyDeletehere comes the first bounce for the SPY on the 5's at around 78.80 but will the psychological round no. of 80 become strong resistance now?
Or perhaps 79 is the ceiling for now?
Have to admit I'm a bit of deer in the headlights today as I'm not sure of direction.
Should we even consider straddles?
all the best?
Francis
Thanks for opening the post, Dwight. I pray you and your wife will be comforted and find strength in each other during this most painful family time.
ReplyDeleteNice to hear from you Laurie.
ReplyDeleteHow are all you ladies doing?
Missed your always chipper comments!
Francis
Just broke 78.85 on the 5's after touching it 4 times. I dont really have any targets down here.
ReplyDeleteBought a call on the DIA on the break of 78.50. Don't know if I should admit that.
ReplyDeleteGarrett, feels like a relief bounce so I think you'll do great!
ReplyDeleteBiotechs are bouncing on the 15's lead by GENZ.
I almost pulled the trigger on my GILD calls but my line in the sand at $42.50 area held on the 15's so I watched a little longer.
still, we are early in the day...
Francis
Garret, I did the same. Bought calls on the spy. 5's bounced and I got in when it broke 79.00. Sold 1 @ 80.50. Stop @ 79.50.
ReplyDeleteFrancis,
ReplyDeleteDoing well, thank you. Nice to be missed:)I feel a bit rusty especially considering that the market's unhappy today. Take a look at that "hope it's not a big double top" on the S&P we looked at a month or so ago. Pretty dramatic fall.
I nibbled on KSS 25 call; profitable so far! Good trading everyone.
Now this is what I shouldn't admit, got out on my DIA at around 79.50 only to watch it go a point higher. Oh well. Nice trade Steve, have fun everybody.
ReplyDeleteGarrett
Thank you Dwight for taking the time for us. I feel that I have come to know you through your voice of wisdow and reassurance. Knowing this, I feel that you and your family are a wonderful source of comfort for each other at this time.
ReplyDeleteSorry I did not post earlier, I am just getting back home.
Sincerely,
Margo
Hey everyone,
ReplyDeleteNice job everyone with your trades so far. I'm not in anything because I'm out of daytrades until Monday.... But do you think we could have seen that this intraday bounce wouldn't have held because declining volume never really stopped going up? For example, on the 17th when the market bounced intraday declining volume began to fall. Today with the bounce, declining volume did really nothing. Just an obvervation..
Joe
It's a fickle market Garrett, worry not; not to late for you to get back in if you see a valid trade?
ReplyDeleteFrancis
Rising three on the dia 30's
ReplyDeleteMakes sense what you say, Joe. It's all about price and volume.
News is saying auto agreement reached in Senate;no details yet
Anyone looking at SPX, NAZ, RUT for puts? Looks like DOW is stronger.
ReplyDeleteHI Ken,
ReplyDeleteReal tight range going on with the spideys and diamonds; not sure if I would be comfortable putting right now.
Today's high around 82.50 and touched 2002 lows earlier of around 77.50 so I suppose you could put at resistance if that's what's happening.
With the VIX jumping so high though, buying directional call/put plays is expensive right now.
Franci
Last hour of the day think we'll see a rally?
ReplyDeleteGarrett
Francis,
ReplyDeleteI did gap and roll over (which Dwight taught) on SPY and IWM today on 60 minute chart. I'm planning to take some profits.
When SPY drops $VIX goes up, for me buying puts when SPY goes down is not bad. Of course, it depends on the strike selection as well.
well done Ken, hope you made money yet?!
ReplyDeleteSPX futures bounced off 770 so far... feels like a baby with the bath water day.
So there's blood but is anyone willing to dip their toe in?!!
Francis
Made a quick .55 on a DIA put that I got into late. I was afraid of a rally, LOL, so I exited prematurely. The VIX is at 81 again. Unbelievable. Looks like DOW support is at 7500 for now and resistance at 8100-8200.
ReplyDeleteThe market just wants some certainty on the auto bailout. You'd think the D.C. folks would have learned with the financial bailout the first time around not to say there's an agreement before there is one!
Politicians saying they have a solution and then they don't drives the market (and therefore,us)crazy!
So how about that inverse rally!Bought puts on the DIA on the break of 78.50 and sold at 76.50ish. I really hope that we see a bounce tomorrow for a lot of peoples sakes.
ReplyDeleteGood trading everyone.Best wishes to Dwight and his family.
Garrett
Holy cow!! When I said the next support on the dow would be 7500, I didnt think we would hit it the next day.
ReplyDeleteThis is insane scary. I sure hope we dont go to 7000 tomorrow!!!
Another crazy day on wall street. Would have loved to get in some puts with the break of upward trendline at 2:15, but I wasn't at the computer. It is what it is. Let's see if the 7500 can act as some strong support. Congrats to everyone who made money off the drop, wish I was in your shoes!!
ReplyDeleteJoe