oldarmy1 said:

---

Anyone seeing this rumor floating around about gold/silver to back the dollar? Spot prices have been jumping last week and gold stocks are GG and other gold stocks broke out of multi-week resistance today.

---

I hadn't heard that rumor but I pray it's true! What I have noticed is gold and silver doing abnormally well while the stock market is roaring. Usually gold and silver don't outperform until stocks underperform.

So something unusual seems to be happening. I do know that if gold is going to be used to back the dollar again it's going to have to be an order of magnitude higher to do it. I read around $20,000/oz. Since 1971, when Nixon took us off th gold standard, politicians have printed a ****ton of dollars and God didn't print anymore gold.

Could be in response to the PetroYuan.

Does anyone think that maybe we are just bouncing from the move from 3/21 - 3-23?

50% retracement is ~24243 on the DOW. Then we head lower again? Or do we just move sideways?

(66% is ~24478)

2610 3/28 put option SPXW @3.3

GE attempting a "V" bottom on increasing volume. Options make the most sense.

GE $13.50 March 29 strikes rocketed 63% in less than 10 minutes from posting as GE spiked into the money.

That's the ones I love. Sold to average down those initial $14 entries to now own GE at average $13.72.

pfo said:

---

oldarmy1 said:

---

Anyone seeing this rumor floating around about gold/silver to back the dollar? Spot prices have been jumping last week and gold stocks are GG and other gold stocks broke out of multi-week resistance today.

---

I hadn't heard that rumor but I pray it's true! What I have noticed is gold and silver doing abnormally well while the stock market is roaring. Usually gold and silver don't outperform until stocks underperform.

So something unusual seems to be happening. I do know that if gold is going to be used to back the dollar again it's going to have to be an order of magnitude higher to do it. I read around $20,000/oz. Since 1971, when Nixon took us off th gold standard, politicians have printed a ****ton of dollars and God didn't print anymore gold.

---

Hadn't heard that either.

I moved 1/2 of my portfolio into Gold (GLD) last week though, my reasoning was...I'm no longer super bullish on this market and I see increasing concerns for increased inflation within the next few years...Gold, Oil and Real Estate are good hedges. But I work in Real Estate and I am not sure about rising interest rates effect on the values of properties. Gold just made the most sense.

However, Dollar being re-pegged to the Gold would definitely be cause for concern but I'd welcome it!

This is the way I see it...

And if that new resistance is broken its an easy trade into filling that large gap down. Agreed.

Moment of truth.

Nice call on GE BTW.

2669 is the number to watch (although it was broken once).

Looks like the S&P just broke out to the short side.

Citron screwed up my cheap Twitter buy... I forgot to set a stop loss and now I'm having to ride the thing.

They post a short note on Twitter?

Yes. $25

Thank God I was taking a look at the time this was issued, pretty ridiculous drop.

I sold half my position early.

Keep it thin people. Options rule.

Pullback option entries on MU filled. Trying to fill SWKS March 105 strike at .20 on the cheap short fuse.

Obviously looking for continued volitilaty for these to pay off.

oldarmy1 said:

---

Keep it thin people. Options rule.

Pullback option entries on MU filled. Trying to fill SWKS March 105 strike at .20 on the cheap short fuse.

Obviously looking for continued volitilaty for these to pay off.

---

I think we broke support on the S&P. looking at 2600 target. I could get out now for +333%, but the chart still looks great.

edit 475%

Just jumped into amazon and Microsoft at sub $1500 and sub $90 price points respectively

Lot of stocks showing the start of a wave downward. If those charts don't correct tomorrow its a high chance we go through another 3 week negative wave.

Hide yo kids!

+687% and I'm out.

HUGE volume flood

Shouldn't have checked my portfolio. Holy crap, was up 4% and now down 4

Should I have closed out my position? It was an amazing gain and I had already sold half to be a little ahead total even if it expired worthless. I just didn't feel like holding over night.

You guys looking at any options for the rest of the week?

FriscoKid said:

---

Should I have closed out my position? It was an amazing gain and I had already sold half to be a little ahead total even if it expired worthless. I just didn't feel like holding over night.

---

It was a perfect sell if you ask me. Never argue with huge volume on retest marks. Well done!

I only post this so you know that I put my money where my mouth was. I think the bear pattern was pretty clear in the charts that I posted. I'd like to know if anyone had advice on the trade or if there was something else that should have been considered. I'm still somewhat green at this.

Filled SQ March 29th $51.50 at .62 now .83

oldarmy1 said:

---

FriscoKid said:

---

Should I have closed out my position? It was an amazing gain and I had already sold half to be a little ahead total even if it expired worthless. I just didn't feel like holding over night.

---

It was a perfect sell if you ask me. Never argue with huge volume on retest marks. Well done!

---

I'll second that. Huge dollars came into the market as S&P crossed 2600 and Nasdaq crossed 7,000. You hit a home run.

oldarmy1 said:

---

FriscoKid said:

---

Should I have closed out my position? It was an amazing gain and I had already sold half to be a little ahead total even if it expired worthless. I just didn't feel like holding over night.

---

It was a perfect sell if you ask me. Never argue with huge volume on retest marks. Well done!

---

That's what I thought too. I thought ~2600 was a good target, but it could also be support. And, it held for the day. Thanks for your knowledge.

FriscoKid said:

---

I only post this so you know that I put my money where my mouth was. I think the bear pattern was pretty clear in the charts that I posted. I'd like to know if anyone had advice on the trade or if there was something else that should have been considered. I'm still somewhat green at this.

---

So does the Mar 28'18 $2610 Put give anything away on what you had on this? I see all of the other parts blacked out.

TIA

oldarmy1 said:

---

HUGE volume flood

---

Will definitely want a summary of what just happened after lunch and the volume explosion as we hit support.

Only problem with the market action..... we had a flash retest with volume flood bounce from -480 to -343 and it is either the mother of all hook closes to suck in buyers to crush tomorrow or its similar to the last selloff end where we capitulated from down to up to retest before bouncing. I went call options fanned out across the semi's, financials and the CAT's.