S&P drops almost 20 pts right after I posted the 2 hr SPX chart, lol. Computerz playing the pump and dump with futurez today, wait until close before deciding to short. If the computerz can't tank the market they'll have to buy back the futurez. The other day futurez got oversold and we gapped up the next day.
تعليق
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Computerz tanked the market with futurez, look at all the big red bars.
Expecting a gap down tomorrow, probably not very big though.
تعليق
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Futures are in the red, but not tracking Asia and EUro stocks which are down .5%. Looks like the computerz are afraid of the Fed. No big gap so far, as I expected.
تعليق
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Futures were oversold on the hourly, so now they gotta buy back in. Melting up as usual. Figured as much, did not get suckered into buying puts this afternoon.
Note how much volume it takes to drop the market, and how little it take to pump futures back up.
2858.75 today high; 2858.72 = 0.85455 Fibonacci retracement from 2346 (8/55 ratio); 24 Dec low. See if it pops up to it once more on Fed decision. Has made triple top. Throwover imminent IMO.
Agree dont short until after 2PM Wednesday. Could poptard to stupidmaxlevel if Fed lovey-dovey, hold rates and talk sweet, last time Powell massaged market Dow popped 600. Could get 2890, 0.9101 Fibo.
hungry_hippo
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@DaddySawbucks, I bought some GM puts yesterday afternoon, and flipped them this morning. That's about all I got. GM options has really low premium.
I'm done til 2pm.
DaddySawbucks
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@hungry_hippo, I think it might bear now the news is out... sell the news!
hungry_hippo
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@DaddySawbucks, the whipsaw also coincided with futures being oversold, so it's hard to figure out which way this is going. I don't think futures will tank overnight, and we probably get a whipsaw doji day tomorrow. Odd that some stocks finished at the top (AMZN) while others finished at the bottom (financials). The fact that they're pumping FAANG stocks with futures again keeps me from shorting indices.
Thought about buying puts but financials don't tank for 3 straight days. Opted to stay out. I wish today wasn't Fed day, I would have stayed in my GM and XRT puts longer.
FYI, futures reversed course and now about even with close.
DaddySawbucks
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@hungry_hippo, Right back at Weds PM bully prices. Maybe a short entry... maybe a bear trap?!
@DaddySawbucks, market appears to be in melt up mode now. Friday is pay day 401k Ponzi day.
Not shorting anything long term, if I see weakness I'll flip some puts like I did yesterday. Probably won't see any drop until next Tuesday/Wed.
hungry_hippo
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@DaddySawbucks, this market is retarded and fundamentals mean absolutely nothing. Just look at indicators and play the charts. If you get too bullish or bearish, you're going to miss out on opportunities or worse yet lose money. Funny thing is, I still have 100k in index funds in my 401k.... I think we double top eventually.
NDX/QQQ is overbought, but the other indices are not quite there yet. I think we get a dip next week, my 2 hour SPX indicator hasn't hit yet, it might tomorrow or Monday.
hungry_hippo
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@DaddySawbucks, rate inversion and Europe market weakness. XLF puts would have been a better option... or at least an index with exposure to financials and internationals...
Granted QQQ was the most overbought yesterday.
DaddySawbucks
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@hungry_hippo, Inverted H+S in day 15" chart getting traction on support. Expect retracement before real selling begins...
Agree dont short until after 2PM Wednesday. Could poptard to stupidmaxlevel if Fed lovey-dovey, hold rates and talk sweet, last time Powell massaged market Dow popped 600. Could get 2890, 0.9101 Fibo.