I still can't decide if Elliott wave theory is legit or just looks really good in tweets

edit to add: he ain't lyin, it's gettin a little stormy out there but we'll see what happens overnight

I can't say I fully understand why to sell on the SPXS calls right now (unless the intent is to buy them back at a lower price).

It obviously depends on where you're averaged in at, but I would guess that most here are still red from where they bought.

If we lose 3400, you should get all your premium back and maybe make some on those. We may fall quite a bit farther if 3400 doesn't hold.

You also don't have to play the exp OA plays. I went with Nov SPXS b/c I was confident the election would throw volatility and some uncertainty into the markets. Then at some point soon I'll buy Dec SPXS, but will probably play Nov a time or 2 more first.

The HP update from 5 hours ago has a bear flag breakdown within a falling channel. I did see the 1 hour symmetrical wedge he posted.

I am guessing we will have a rally at some point this week.

In aggregate this has been a very hard week to trade.

Unless you're really experienced or a pro or really want high blood pressure onset, this month into next month is not the time to be trading. I'm pretty much sitting out for the next few weeks and have been for awhile. The only options I've played in the past month or two were PINS.

I'm holding a couple that some of you are panicking over....

MBIO - you gotta know what you're getting into with small cap bios and you also have to really watch position size. I have a smallish position (<5% of trading acct, well <1% of all accounts). It's a spec play like Redler says. You never go balls deep into a spec play, especially bios! This thing is going to bounce around huge amounts for no reason at all. And then some binary event will make it triple or third in a blink of an eye. Prepare yourself mentally for both outcomes.

CWH - like 30k says, this was never a 'trade' for me. It's going to take some time and patience. My average is about $30, and I know it can easily go down to 25, 20... It trades like crap so I just went in and forget it for the most part. It's a longer term one for me, and it is >5 times the position size of MBIO. 60/40 retirement/brokerage split.

On OSTK, I've still not bought. I think I'm going to wait some more... It looks like it wants to retest 60 to me and 50 is not out of the question. The levels are very easy... every $10. So you could start at $60 and buy every $10 down. I could see it holding 60 and taking off back >100. Could also see it going as low as 30. Remember this thing was <3 in March.

Other medium/long term holds - ROKU, NIO, AMZN, AMD, SQ, JD, MGNI...

59 South said:

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Unless you're really experienced or a pro or really want high blood pressure onset, this month into next month is not the time to be trading. I'm pretty much sitting out for the next few weeks and have been for awhile. The only options I've played in the past month or two were PINS.

I'm holding a couple that some of you are panicking over....

MBIO - you gotta know what you're getting into with small cap bios and you also have to really watch position size. I have a smallish position (<5% of trading acct, well <1% of all accounts). It's a spec play like Redler says. You never go balls deep into a spec play, especially bios! This thing is going to bounce around huge amounts for no reason at all. And then some binary event will make it triple or third in a blink of an eye. Prepare yourself mentally for both outcomes.

CWH - like 30k says, this was never a 'trade' for me. It's going to take some time and patience. My average is about $30, and I know it can easily go down to 25, 20... It trades like crap so I just went in and forget it for the most part. It's a longer term one for me, and it is >5 times the position size of MBIO. 60/40 retirement/brokerage split.

On OSTK, I've still not bought. I think I'm going to wait some more... It looks like it wants to retest 60 to me and 50 is not out of the question. The levels are very easy... every $10. So you could start at $60 and buy every $10 down. I could see it holding 60 and taking off back >100. Could also see it going as low as 30. Remember this thing was <3 in March.

Other medium/long term holds - ROKU, NIO, AMZN, AMD, SQ, JD, MGNI...

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Well spoken 59 and thanks for sharing. I can find it hard at times to watch a long or Bio spec play to go down (hello OSTK & MBIO) but I have learned that hard way impatience and greed have been the two things that have killed me more often than not. Not to mention as Redler says an emotional revenge trade.

I always have a few spec plays working but have transitioned the past month to rolling more swing trade profits into mid/longs vs. replaying more swings with larger $. With the exception of ONTX which is just a fun trade to me, I've reduced the number of these the past month that I even have in play.

At present for me:
Mid/Long - MBIO. GOCO. LADR, OSTK, MGNI, RKT, AAPL, NIO, CX
Short/Swing - ONTX, RKT, AXGT, FUBO, QD

CrazyRichAggie said:

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Prognightmare said:

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MARA is revving her engine.

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She's about to rip

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A: McInnis

Mc: "what my waist said to my inseam" Alex

A: That is right, go again Mc

BayAg_14 said:

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Watching for NIO breakout this morning.

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Let's just put it at 30 and work from there.

Woohoo - 4 bagger on SDC calls within 24 hours. Still holding shares as well from ~$4

I'm finally learning. Get out on the spikes vs getting greedy. Missed the top by .01.

Orlando Ayala Cant Read said:

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Good News For The Board: I sold all my MGNI.

So it should be ready for lift off. You're welcome.

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Why? OA has repeatedly said to buy it and forget it, and that this is his favorite stock on a >5 year horizon.