Y'all still into BBOX? Entry point at $1.51 now.

Guitarsoup said:

---

Y'all still into BBOX? Entry point at $1.51 now.

---

I'm sitting at $1.50 and got 100% filled. Well ok

Interesting on RRTS. Someone os buying calls at 25 cents. I messed around buying a couple thousand additional shares and sold $2.50 August Calls against them as a heat check.

So that 2k shares makes $700 if above $2 50 or reduces shares by 25 cents. I like that for any smaller traders.

Anyone know what's dragging tech down today, or is it just the tech stocks I'm in?

Closed out those BAC calls

TWTR really testing that bottom resistance level right now

Fell through I'm guessing?

leoj said:

---

Fell through I'm guessing?

---

Yeah, I had resistance somewhere around $42 so it seems to have gone through

oldarmy1 said:

---

AVEO under $2 has been the gift that just keeps on giving. Two trades under $2. First one sells at $2.94 and 2nd at $2.75. If these work to over $2.75 the ROI beats the S&P over last 2 decades, all in the span of a few months.

Appreciate pointing it out!

---

OA, is there any option play here or best to just buy straight stocks at or under $2 and ride the waves?

Don't see any options with premiums attractive enough to warrant entry.

IF you tossed a naked Put sale on the $2 strike Sept 21 at say $0.50 cents and got filled you havw an entry net at $1.50 or make the $50/contract.

Ask is at 70 cents and there are no bidders

BTW folks....the DOW has come back into the curve on the rounded top. Not ideal.

I've been buying RRTS all afternoon.

Today has been a pretty meh day for my portfolio considering the DOW has been 150+ all day

Tech stocks getting hammered. I'm down almost 2%

S&P has a double top intraday at 2817. Would get some share movement across the board if that was taken out.

This is why I went in to plant JD as a long term holding. I agree with a lot of his modeling. Only thing is JD chart is right at recent support and needs to hold.

https://seekingalpha.com/article/4189493-jd-com-wonderful-company-wonderful-price

2816.50 1st attempt fell back 2813.65. 2nd attempt now 2816.74 trying. You can see the resistance.

Bounced off again. Clear battle lines drawn. 4th minute of 2816.75

Broke it

And... quickly failed.

Back on the rise.

oldarmy1 said:

---

This is why I went in to plant JD as a long term holding. I agree with a lot of his modeling. Only thing is JD chart is right at recent support and needs to hold.

https://seekingalpha.com/article/4189493-jd-com-wonderful-company-wonderful-price

---

I'll feel a lot better about my medium to long term position if it holds this resistance of $35 or so...

Yeah $35 key on JD.

BTW, CHK had big seller again. Dropped from its highs all the way to retest below $4.50. Largest minute trade occurred right there. I can only assume we have a large short seller trying to break that support line but big buyers absorbed all 700k shares and it creeped back up to end positive.

What we want to see is a short squeeze like CLF got.

Think its best to just sit on hands for a while. All the charts I was watching looked fantastic yesterday/30 minutes today and then the bottom fell out. TWTR a good example. Best thing might be to let earnings play out and even a couple weeks into August before repositioning. August usually a pretty dead month for the markets anyway. Come back right before September and see where things are

Just to keep tabs on the $100 magnet approach. OLED reached and popped above it before getting swept down with the slow decline most of the afternoon. I had $95 covered calls set to sell that were filled, as well as a 10% liquidation of holdings.

One of my favorite strategies.

CHK is 2nd highest short on NYSE. Down 7% from last public info but it is obvious that short sellers have been working over the stock trying to break the $4.50 area major support.

https://247wallst.com/investing/2018/07/25/the-6-most-shorted-nyse-stocks-in-july-rite-aid-alibaba-buck-the-trend/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2FRyNm+%2824%2F7+Wall+St.%29

Another thing I want to make sure everyone sees, and that is the fact that CHK has gone from a pullback on trending higher to now form a technical head and shoulders.

A breakdown of this current support battle would give shorts momentum and its hard to know how much of a selloff would occur prior to finding next major support.

I am selling some $4.50 covered calls against a good portion of shares out to September. If bulls prevail and shares break higher these covered calls = $4.94 sale price. That means I can buy any shares below that on confirming shorts failed and come out smiling.

If shorts prevail then those calls gain me 44 cents per share so $4.04 net from current levels.

Never let shorts win the war!

GM and Boeing don't hit numbers and drag down the DOW futures pretty strongly to start the morning

gougler08 said:

---

GM and Boeing don't hit numbers and drag down the DOW futures pretty strongly to start the morning

---

And GM blaming tariffs is a weak copout. If a major company like GM doesn't have their material requirements locked in at least 3 quarters in advance then I'll tell you a CEO who needs to be replaced.

BTW....Trump is likely to propose slashing tariffs on auto's across the board. GM could reverse and end up higher after its all saod and done.

EU flew to meet at White House to talk tariffs, that's a good sign if they came here...if any good news comes out today, the market will pop.

Another point of knowledge is regarding short clearing. You'll read on that CHK report that they project it would take around 6 days for all that volume of shorts to cover.

That's why when you catch a short squeeze move you should always have a plan around day 5 on exiting or hedging.

Look at CLF. It squeezed shorts and lasted 5 days. I own that and sold on day 5 opening pop. Simultaneously I bought Sept $10 Puts.

I expect a 35-50% retracement as the clueless of the move being short covering get drained out as it moves lower.

OA, I've been sitting on some cash waiting to enter CHK. I'm thinking starting with half here just under 4.50 and then adding the other half when it drops further 4.20-4.25 or up over 4.70. Agree or should I just drop it all in now?

59 South said:

---

OA, I've been sitting on some cash waiting to enter CHK. I'm thinking starting with half here just under 4.50 and then adding the other half when it drops further 4.20-4.25 or up over 4.70. Agree or should I just drop it all in now?

---

Wouldn't enter here. Support broke and shorts want to get paid now. Expect $4 tested for first entry.

Thanks. Looks like it broke as I was typing! Good timing

Hopefully I'm not giving out reads and strategies for my own benefit!

I would rather a new entry wait for $4.50 close showing shorts got rebuffed than buy after a technical break close to $4.50.

If you have options ability you could always sell a naked $4 Put if CHK gets close to $4.25.

Go out to Sept at that point those should be around 50 cents. That gives you $3.75 if executed or you make $50/contract if it stays above $4.

Gotcha. I only have covered call options access (for now).