TRX......now that's how you have fun with a mining company.

Any opinions on PSX and COP. Own a substantial number of shares and they are both sitting at or near 52 week highs.

0708aggie said:

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Any opinions on PSX and COP. Own a substantial number of shares and they are both sitting at or near 52 week highs.

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I own PSX and COP. I sold a $106 covered call on a portion of PSX. If it breaks and runs I'm happy to take that portion as profits. Sure had a strong recovery from the selloff.

Can you explain the covered call position on PSX? What about COP, did you hedge anything there?

Thank you for asking that question. I was about to post the same thing as I own a good amount of PSX as well. From tracking it the last 5-6 years, it seems like a huge momentum stock that runs up or down into earnings and then slowly moves in another direction after. Then it hovers around a $5 range until the next earnings report.

Not sure what has fundamentally happened for the run up but it hurt me hard when I didn't sell out at 107 last time and it dropped back to 89...

We are in the same boat. Kicked myself for not selling last time at 107.

Went Long on 4/9, system showing all long since then.

SPY had volume of 55M today....and the daily average is 120M.

That should be a pretty big red flag....

Futures are flying again.

snowmnag970 said:

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SPY had volume of 55M today....and the daily average is 120M.

That should be a pretty big red flag....

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A red flag for shorts.

claym711 said:

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snowmnag970 said:

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SPY had volume of 55M today....and the daily average is 120M.

That should be a pretty big red flag....

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A red flag for shorts.

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Volume spikes were big red candles.

Go channel move!

NFLX with the short crush move +20

We see markets follow through then S&P will make it back to 2800

Options Calls will be on fire today. Whoop!

Goldman Sachs crushed earnings

More fuel courtesy of Treasury Secretary

https://www.cnbc.com/2018/04/17/treasury-secretary-mnuchin-our-long-term-3-percent-growth-outlook-will-pay-for-the-tax-cuts.html

In China until Saturday next week and trying to trade a couple of hours each night (morning in US) is killing me!!

Which furthers my point. You need volume to move down, not up.

claym711 said:

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Which furthers my point. You need volume to move down, not up.

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In a bull market, yes. In a bear market (where are all the dang buyers?!), no.

And you need volume to break resistance OR support - another good point. Not a lot of absolutes in trading but on percentage all of those are worth monitoring.

Hopefully SQ opens strong. It's had it's feet stuck in the mud in recent trading

IrishTxAggie said:

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In China until Saturday next week and trying to trade a couple of hours each night (morning in US) is killing me!!

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Well, you could always get in the devaluation game....

When we finally broke out I was expecting a little bigger move up. It jumped pretty good, but there wasn't a ton of volume with it.

It still amazes me that patterns, resistance, support, etc etc actually work. Even with the noise of Syria, Stormy, Mueller, and tweeting the market is going to move where the market wants to move and it's more controlled than it appears.

Eyeing that 2709 S&P gap to get filled which would make for a big green candle today. Will have to get this initial pop recycled (meaning we move below 200 after first minutes) from short covering and day traders selling which is always likely.

Look at the correlating support volume providing each pinpoint of the "V". I mirror Call option buys off those like a candy store.

SoupNazi2001 said:

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Short SPX 2700 for a trade

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No sir!

FriscoKid said:

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When we finally broke out I was expecting a little bigger move up. It jumped pretty good, but there wasn't a ton of volume with it.

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Yesterday was the signal today is the move. Isn't anyone reading what I'm posting?

tailgatetimer10 said:

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Hopefully SQ opens strong. It's had it's feet stuck in the mud in recent trading

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Ask and ye shall receive

We filled the 2709 S&P gap. 2749 next

Just bought SPY 276 calls 4/25 expiration.

What just happened with COP. Huge spike there in volume.

oldarmy1 said:

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FriscoKid said:

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When we finally broke out I was expecting a little bigger move up. It jumped pretty good, but there wasn't a ton of volume with it.

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Yesterday was the signal today is the move. Isn't anyone reading what I'm posting?

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No, you said there should be volume to break resistance and I agree. We broke through yesterday without a lot of volume. That's all I'm saying.

Ah, I see. Apologies. Short term resistance may or may not. All the volume was on holding major support. That said, should we manage to make it to major resistance levels we'll see volume to break through that ceiling.


BTW - Mid-channel for S&P comes in around 2720-2730. We're close

oldarmy1 said:

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FriscoKid said:

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When we finally broke out I was expecting a little bigger move up. It jumped pretty good, but there wasn't a ton of volume with it.

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Yesterday was the signal today is the move. Isn't anyone reading what I'm posting?

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Long time lurker here. I don't always trade the same way, but I am reading what you are posting.

I have been a S&P 500 guy for a long time, but have recently started buying individual stocks as well.

Thanks as always for the insights!

its up another 4 points after hours 2710.50