oldarmy1 said:

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Momentum is really strong to the down side post gap fill so no telling where it ends. I keep looking for massive volume and it hasn't hit

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Did your 12/21 29C on BAC get filled?

IrishTxAggie said:

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oldarmy1 said:

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Momentum is really strong to the down side post gap fill so no telling where it ends. I keep looking for massive volume and it hasn't hit

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Did your 12/21 29C on BAC get filled?

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Oh heck yes

SoupNazi2001 said:

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claym711 said:

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Catching these knives? Selling the tops has been easy. This is bear market type behavior.

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Agreed bulls are in denial looking at current conditions as ok. Market looks forward.

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It might well be but we have been sideways from the initial sell off lows for months. To the bears point yesterday was a lower high than the previous bounce. If we were to hit a new low then the bears have it.

Pre-sale before markets yesterday and then covered calls on the open turned out well. Buying right here looks to be an opportunity. Just put stops at new lows on the day because if that V bottom holds we shouldn't hit a new low.

Mine too... Part of the order filled at .09

IrishTxAggie said:

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Mine too... Part of the order filled at .09

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Me three.

oldarmy1 said:

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IrishTxAggie said:

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oldarmy1 said:

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Momentum is really strong to the down side post gap fill so no telling where it ends. I keep looking for massive volume and it hasn't hit

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Did your 12/21 29C on BAC get filled?

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Oh heck yes

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I unfortunately did not get out before the bottom fell. What is your exit strategy now? Do you still think it could hit the $0.65?

See that low post v bottom? That is entry level. We sank back after initial v and are bouncing as I type. That needs to hold for these entry buys made.

tramaro1 said:

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oldarmy1 said:

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IrishTxAggie said:

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oldarmy1 said:

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Momentum is really strong to the down side post gap fill so no telling where it ends. I keep looking for massive volume and it hasn't hit

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Did your 12/21 29C on BAC get filled?

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Oh heck yes

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I unfortunately did not get out before the bottom fell. What is your exit strategy now? Do you still think it could hit the $0.65?

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Markets got spooked big time on fed and Trump. Let's see if we have a decent move back above $27.50 by Thursday (markets closed tomorrow) and then should be ok.

The v bottom failed into another dreaded h

Hoo boy

And to think, this weekend we were optimistic about China and trade and......
Looks like my covered calls won't be called out. Kind of disappointed.

Largest volume on the day with this v.

MU V bottom with the huge volume spike.

All stocks will look about the same. NFLX That double red/green bottom on NFLX usually means its close if not reached its major support.

V bottom with some follow through this time.

Yeah seems like people are BTFD.

GE gave us a wonderful looking h today. And it went below.

The only good news I have today is that I was able to buy nearly all of my covered calls back for under 5% of the 100% value sold. The bad news is that only offset 82% of the selloff values in share holdings.

There is a small gap down at 2682.41 with continuation tomorrow. Definitely some big money moved out of the markets like on Sept 10. That was over a 100 point drop on the S&P to compare to 89 today.

I just saw my index funds. What the hell is happening?!?!

AVEO with some decent news AH. No offering for the next few quarters.

oldarmy1 said:

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All stocks will look about the same. NFLX That double red/green bottom on NFLX usually means its close if not reached its major support.

https://i.imgur.com/Z6c4cTS.png

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Oldarmy - how many reversal bars are required before you enter a trade based on the red/green bottom?

Yep. And as usual their PR people suck. Bunch of ****ing idiots in their marketing/PR department.

In general people have become complacent, addicted to BTFD, and will get hammered in a bear market. Very little talk of shorts and puts, which is about all that has paid over the past 2 months.

Futures buy volume last week was enormous, and that just got ripped back in a day. That is extremely concerning for bulls.

oldarmy1 said:

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I'd say the gap filled.

Just sold SPY Puts naked 270 Decembers

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Cost basis ?

I doubt there is going to be any meaningful deal - maybe some limited time concession wherein Trump can claim victory. What is the Chinese motivation? They can wait 2 years, or 6 years. Trump will absolutely have to back off to win in 2020.

The tariff issue did not cause the start of this correction in February, and its not driving it now.

Peak earnings, peak employment, rising rates, amidst a what will be stagnant congress for 2 years (no stimulation), on top of tariff issue. There is very likely an upcoming earnings 'recession' and risk of GDP recession. Market is forward looking.

Quote:

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stagnant congress for 2 years (no stimulation)

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Careful. That statement is more socialist than Keynesian. We are at full employment.

Wow, Lam CEO has to resign

CFO for Huawei arrested in Canada for extradition to US. Futures do not like it.

Edit - the arrest was on Dec 1 and would have been known by the Chinese before they released their comments on the trade deal. The arrest was reported just before the futures trading opened.

70 point drop to open futures trading. SPX is going down.

claym711 said:

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70 point drop to open futures trading. SPX is going down.

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https://www.cnbc.com/2018/12/05/market-sell-off-set-to-continue-as-dow-futures-get-hit.html
We need a capitulation selloff.

claym711 said:

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70 point drop to open futures trading. SPX is going down.

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Down 20 now. We may survive...

That was 1.1mm futures contracts that sold at open with 50% retrace. Huge volume, but basically what would have happened in session today, happened in 12 minutes.

CME intervened on that drop as well, with 10 second halts wherein they did not accept market orders. Had to manipulate the market. That drop could have been much worse. Bear market is here, I believe.