Aggie_2463 said:

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Uh SNSS just blasted to 0.985...

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Hope you held and didn't daytrade it...

I just found out Vanguard added shares of SNSS today as did Blackstone (below), not to be confused with Blackrock (also in it).

What exactly was she expecting?

PeekingDuck said:

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What exactly was she expecting?

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I'm assuming numbers that are not 60-70% of normal figures. That's a pretty huge drop.

BREwmaster said:

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Aggie_2463 said:

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Uh SNSS just blasted to 0.985...

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Hope you held and didn't daytrade it...

I just found out Vanguard added shares of SNSS today as did Blackstone (below), not to be confused with Blackrock (also in it).

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You already know the only reason it hit 0.98 shortly after my post was because I sold! It's ok though I've traded it multiple times, rode it above $1 then entered twice since for profit.

I guess she doesn't get the news.

I know LADR has been discussed as a nice dividend stock on here.

Is anyone buying at these levels?

Forgive my ignorance, what is PPT? And sounds like you're saying bottom may not be in yet, some wild swings Monday.

BREwmaster said:

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Forgive my ignorance, what is PPT? And sounds like you're saying bottom may not be in yet, some wild swings Monday.

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Plunge Protection Team

It's the Working Group on Financial Markets. Widely assumed to have supported market prices via futures during crisis.

Only leaks (likely purposeful), and statements from former members support the theory that they buy futures to support prices in low liquidity plunge events.

I trade and track futures. The last 15 mins on Friday of volume-price magnitude were unprecedented and higher by 30% than the next highest event. To coordinate such an event heading into weekend, I think ppt was likely involved.

From macro sense we tagged an area I went back into equities long term, but if a recession occurs we are nowhere near the bottom. The market is behaving as if it's ready to price in a recession - and PMI out of China, shut down of travel, etc supports that. GDP will contract but a recession isn't guaranteed unless there are outbreaks here. If we see any outbreaks here at home, consumption will contract hard and that'll trigger a recession. All IMO on the recession stuff

Did the PPT intervene during the 2008 crisis?
If so, not very effectively. If not, then I doubt they would care much about this baby correction compared to that.

HustlerAggie said:

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Did the PPT intervene during the 2008 crisis?
If so, not very effectively. If not, then I doubt they would care much about this baby correction compared to that.

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If we're going conspiracy theory here, they could have been started because of that. They could have stopped it from being much worse etc.

khaos288 said:

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If we're going conspiracy theory here, they could have been started because of that.

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"In March 1988, in the wake of the stock market crash of 1987, then-President Ronald Reagan created by executive order the President's Working Group on Financial Markets."
from investopedia

HustlerAggie said:

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khaos288 said:

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If we're going conspiracy theory here, they could have been started because of that.

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"In March 1988, in the wake of the stock market crash of 1987, then-President Ronald Reagan created by executive order the President's Working Group on Financial Markets."
from investopedia

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Boo that's not as fun as underground market conspiracy theories.

PeekingDuck said:

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I guess she doesn't get the news.

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Yeah I'm sure that the....checks notes....CNBC Beijing Bureau Chief needs to get more up to date info.

Evidently.

PPT, the Fed trading desk, and volatility control are fact, not conspiracy. Exactly when PPT is heavily active is anyone's guess, but it's not hard to make a good one.

Honestly surprised that it wasn't lower. But not great news either way

@BreakingNews: Health officials in Washington state say a coronavirus patient has died, marking the first death related to COVID-19 in the US. http://nbcnews.to/2uKcy8c

Welp

I don't have the bandwidth right now to actively trade. Just sticking with my investment strategy investing some of every paycheck. My ETF and stock portfolio was green on Friday. I think this virus and market fear will present good buying opportunities. The last few weeks I held off buying since I felt market was due for a correction from the run of new highs. I'll be buying again from here on out since were off the highs. Even with more room to pull back, I think in a few months business will return to normal and prices will rebound quickly.

This article explains why I think it's better to just hold through the volatility (unless your already an active trader).


https://www.businessinsider.com/cost-of-missing-10-best-days-in-sp-500-2014-3

aggiedaniel06 said:

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That is why when volatility is this high, if I wanna bet in a certain direction, I would rather sell calls or puts.

Or for more advanced trading, lets say you're bullish, you can cover the cost of a Call by selling OTM put spreads, that way you hedge the IV crush that will certainly come.

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nice call. This is exactly what I have in several stocks for a short term bounce. What time frame do you look at when selling credit spreads? I know a lot of people like to buy OOM calls but the greeks can be nasty at times!

@permabear_uk: Closing chart: $SPX
Regardless of next Monday, March should (at some point) break below the Friday low of 2855. Considering the magnitude of the bearish engulfing candle, the 2600/500s aren't that crazy. Or maybe you think the Fed can cure Corona with a rate cut? https://twitter.com/permabear_uk/status/1233862730202984448/photo/1


Chart at the link...thoughts?

McInnis 03 said:

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@permabear_uk: Closing chart: $SPX
Regardless of next Monday, March should (at some point) break below the Friday low of 2855. Considering the magnitude of the bearish engulfing candle, the 2600/500s aren't that crazy. Or maybe you think the Fed can cure Corona with a rate cut? https://twitter.com/permabear_uk/status/1233862730202984448/photo/1


Chart at the link...thoughts?

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Maybe bring some semblance of calm to the market Monday

IrishTxAggie said:

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Maybe bronchitis some semblance of calm to the market Monday

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must suck for Bloomberg to see his own network break news about his immediate competition for the presidential nomination.

Spent the morning working with a opioid recovery center. Doctors there specialize in all sorts of stuff. All of them had a collective eye roll when asked about the corona. They also all voted this morning to feel the bern to spite the DNC.

Was looking through a list of really oversold stocks today. Saw that BUD has an RSI under 10 which is pretty crazy

To be honest, it depends on the ticker. For names that are way oversold and have bounced (ex. cruiselines), I would be comfortable selling OTM put credit spreads with 3 weeks to expiry. For names which I believe haven't necessarily bottomed yet, I would sell something with a shorter expiry as I'm thinking those will bounce next week and retreat again.

Another variable to consider is the width of your spread - the tighter the spreads, the shorter the expiry as I'm basically theta scalping.

Also depends on your risk tolerance, margin availability and options level, as many times when I sell spreads, I'll close one leg out before expiry.

But bottom line is that as an option seller, theta is your best friend and OOM options start cliff diving once they are 7 trading days and less away from expiry.

Not sure about reading too much into China pmi. They essentially did a communist shutdown of the country for a month to do whatever it is they did to gain back control of their country.
Tim Cook's statements about factories coming back online imply that China pmi will bounce right back up.
Biggest concern is MSM's control of messaging and how a couple dozen state outbreaks would shut down our consumer economy.
Hopefully it doesn't break out in Mexico, since that's one point of entry we can't control.

2 reported cases in Mexico today.