Thoughts on the 300c spy for Friday?

Ragoo said:

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Thoughts on the 300c spy for Friday?

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I think there will be a TON of resistance.


So buy it I guess

Will be tough to make any money with large premiums. Calls would have been a good hedge at the start of the month. I'll probably watch premiums on June puts and buy some if they get low enough as a hedge. If the market has a bad day or two you could take a little profit on those, if we have major issues opening back up you could bank.

thirdcoast said:

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$30,000 Millionaire said:

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Well, futures market is ignoring Fauci and Pence self isolating. Overnight gap lemmings are at it again.

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Bad virus news means Fed pumping isn't ending soon. Good virus news means Fed pumping is ending soon.

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You meant to say "isn't ending soon" in both scenarios, right?

Well the retail company my wife works for here in Houston, Stage Stores (SSI), filed for chapter 11 today. It is trading as a penny stock but if they find a buyer I could see it going up a decent amount. That is one big if though.

texagbeliever said:

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IrishTxAggie said:

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If more WH staff start popping up positive, I'd expect the market to react IMO. Plan accordingly.

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A chance to buy on a dip perhaps. Boris recovery will probably lessen the impact.

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Fox is saying it's not true.

https://www.foxnews.com/politics/pence-spokesperson-denies-vice-president-quarantine-coronavirus-self-isolating-reports

Let's tune in to Powell on Wed to see if he is still a no limit soldier. Maybe he mentions our balance sheet, maybe talks about how he doesn't need approval to get more.

Ragoo said:

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Thoughts on the 300c spy for Friday?

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Upward we do

I really want to hear what he says on Wed. This thing is going to turn south soon. How far down, unknown.

Irish is right - it's going to be chaos if Trump or Pence gets it.

McInnis 03 said:

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Ragoo said:

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Thoughts on the 300c spy for Friday?

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Upward we do

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Isn't May OPEX the weakest?

Went to bed futures were bright green looks like it's flipping other direction now.

Gonna be a interesting week. Feels like we're gonna get a lot of info this week, good and bad.

$AMC up big on rumors amzn wants to takeover

tam2002 said:

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Went to bed futures were bright green looks like it's flipping other direction now.

Gonna be a interesting week. Feels like we're gonna get a lot of info this week, good and bad.

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Already retesting 2,892 area (edit). If it stays above and bounces off, bulls still have control.

$30,000 Millionaire said:

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Well, futures market is ignoring Fauci and Pence self isolating. Overnight gap lemmings are at it again.

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Not sure I've seen someone pulling for the Market to breakdown more. This isn't criticism, it's just your position, and I respect that.

Here's the deal though. It may not be this week. It may not be this year. But, the rug will get pulled out.
This is a historic bubble. Just be patient. The Fed can't fix the broader problems going on around us.

Let's suppose the Fed injects XX amounts into this thing for perpetuity, coupled with historic unemployment. At some point there will be inflation/deflation, and ultimately market stagnation for a very long time. So, worst case in your position is we go sideways for a decade. I don't think it will happen, but it's possible.

Bottom line of my point is there is money to be made on the upswing, and the downswing, and if you're waiting for the bottom to fall out, just be patient and try not to get frustrated.

A down Monday followed by 4 days up has happened several times on OPEX week. We have a small gap at $289.56 and a big one at $283.70, so see if we don't bounce from this below $290 premarket action into the open. If not check gaps.

Up over 7% pre market

CrazyRichAggie said:

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CAH has earnings tomorrow. Anyone else playing?

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Prognightmare said:

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Does one win the argument if the rug pull is at S&P 4000 down to 2900? No

Don't fight the Fed and let principles bankrupt you.

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It depends on your exit point prior to Corona.

If you exited in December 2019, the 4000 to 2900 market is flat relative to where we sit today. But, the probability that that thing hits 4000 prior to a significant pullback is low.

What is "opex week" for us newbies?

Buying SPY $289.78 and if no bounce early I'll just sell second gap area deeper in the money $283/$284 calls out a week to make $2-3 or end up with entry net price $280 and deal with it then.

Already have the SPY $270 puts so squeezing max risk through June 19.

Spaceship said:

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What is "opex week" for us newbies?

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Options Expiration.

jj9000 said:

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$30,000 Millionaire said:

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Well, futures market is ignoring Fauci and Pence self isolating. Overnight gap lemmings are at it again.

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Not sure I've seen someone pulling for the Market to breakdown more. This isn't criticism, it's just your position, and I respect that.

Here's the deal though. It may not be this week. It may not be this year. But, the rug will get pulled out.
This is a historic bubble. Just be patient. The Fed can't fix the broader problems going on around us.

Let's suppose the Fed injects XX amounts into this thing for perpetuity, coupled with historic unemployment. At some point there will be inflation/deflation, and ultimately market stagnation for a very long time. So, worst case in your position is we go sideways for a decade. I don't think it will happen, but it's possible.

Bottom line of my point is there is money to be made on the upswing, and the downswing, and if you're waiting for the bottom to fall out, just be patient and try not to get frustrated.

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Nothing wrong here, but gotta ride the trend until the trend says "GET OFF MY BACK". I've been learning this the hard way but a good amount of study this weekend has opened my eyes to some stuff. Probably elementary stuff for you big time winners but for me, the trial by fire has been hot and it's time for me to put on some damn oven mitts!

Bob Knights Liver said:

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Will be tough to make any money with large premiums. Calls would have been a good hedge at the start of the month. I'll probably watch premiums on June puts and buy some if they get low enough as a hedge. If the market has a bad day or two you could take a little profit on those, if we have major issues opening back up you could bank.

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Now that it looks like we're opening down maybe it's time to watch these 295-300c for late May or even 292-293 calls for today or Wed if you feel like gambling.

No doubt, McInnis. That's why I said there's money to be made on the upswing as well as the downswing.

Spaceship said:

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What is "opex week" for us newbies?

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Here's a good article on Options Expiration week. Quadruple Witching is another term to look up.

https://investingwithoptions.com/options-expiration/

PENN and YETI just announced offerings

oldarmy1 said:

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Buying SPY $289.78 and if no bounce early I'll just sell second gap area deeper in the money $283/$284 calls out a week to make $2-3 or end up with entry net price $280 and deal with it then.

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Great play.

Thanks!

Definitely followed your advice...

I had a few long positions that were up a bit and decided to go ahead and close. Even my WORK 5/22 calls.

Filled that $289.56 gap and bounced so far.

289.34 was the v-bottom just before open.

Was that you OA?

IrishTxAggie said:

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PENN and YETI just announced offerings

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Grreeeeaaaaaattttttttttttt....

ERI reports earnings after the close. Anyone willing to dance with it?

NET and RUBI showing some buying interest ignoring the pullback early.