Are Apple and Amazon expected to have good earnings. Last quarter they cited supply chain concerns

Inflation, tapering, and rising rates could be the financial weakness with supply chain issues being the black swan event. That would be "bad".

I'm mostly sitting out trading this week, but I did just fill some 459/460/461 SPY butterfly lottos.

For quite awhile, I've pretty much ignored the scalping ideas, but this post caught my attention. If you don't mind sharing, let's say you just caught the long side of the trade, exactly where your arrows show entry and exit. Would a $5,000 investment net you $500 or $600, or how would I calculate the reward / profit, ignoring any tax consequences? Thanks.

Not a put holder anymore. I'm ready for some calls tomorrow. I may look at a way OTM call before close to scalp in the morning knowing I am going to lose a few bucks.

FJ43 said:

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FJ43 said:

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Talon2DSO said:

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FJ43 said:

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Scalp chart

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Does this imply the peak has been hit and its headed back down?

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Not yet. Watch 458.02 then 458.51...both ish

3 Min chart...but I watch 5, 10 and peek at hourly scalping and use 3 or less to exit if I am active.

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Just a follow up....I didn't get to play this being in meetings but a follow up for those defining their scalping intraday.

How I would have traded this anyway.....

The left arrow is entry long.
The top right arrow is exit long and possible entry short. Could also wait to break of 457.03.
2nd lower right arrow is exit short.

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Why would the top right arrow not be about 30 minutes prior on the first pull back?

Fireman said:

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For quite awhile, I've pretty much ignored the scalping ideas, but this post caught my attention. If you don't mind sharing, let's say you just caught the long side of the trade, exactly where your arrows show entry and exit. Would a $5,000 investment net you $500 or $600, or how would I calculate the reward / profit, ignoring any tax consequences? Thanks.

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It should net you a lot more than $500, that amount will depend on your entry strategy though. I wouldn't exactly refer to it as an investment though.

Not speaking for FJ but SPY tested $458 twice and rejected just before, that would be confirmation that's the top for now.

Serious answer: watch the zoom call at the bottom of the first post in the thread, start with paper trading until you get a feel for it, then when you start scalping with real money don't get too confident if you are on a run, short dated options can go south quick

We need a 365 test. It will be better in the long run IMO

How come every billionaire and professional money manager claims that the surest way to real wealth is simply tracking the sectors and the overall indices?

and Not through day trading?

seems by the time you guys realize what is going to happen- the algos and the professionals have already traded on it.

SPY just touched $453.54, FJ is a genius. Let's see if the oversold bounce is happening.

If we don't get it tomorrow and it goes sideways, we could see a dump to the 150EMA around $448. I know it sounds like a lot, but it could get there in a hurry if it breaks this $453 level.

Professional money managers get commissions for selling you index funds, and I'm not sure anybody ever became a billionaire through dollar cost averaging the s&p, unless they dca'd a billion dollars into it

Spoony Love said:

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SPY just touched $453.54, FJ is a genius. Let's see if the oversold bounce is happening.

If we don't get it tomorrow and it goes sideways, we could see a dump to the 150EMA around $448. I know it sounds like a lot, but it could get there in a hurry if it breaks this $453 level.

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What's the relevance of the 150 EMA?

144 is at least a fib number.

watching this close....4535ES is an interesting level.

Boom got the quick flush down, i got calls for tomorrow. Going to play the RSI bounces. It works until it doesnt

When SPY does bounce you thinking a 2% percent type day? I guess we don't really knows just curious what others think or maybe seen in the past.

More levels boys.....

BrokeAssAggie said:

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When SPY does bounce you will thinking a 2% percent type day? I guess know when really knows just curious what others think or maybe seen in the past.

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I'd take a 1.6% type day.

Toilet flushhhhhhhhhhhhhhhhhhh

Ending on a bad flush

Irish 2.0 said:

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We need a 365 test. It will be better in the long run IMO

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Sheesh...Didn't expect it before market close though!

If you bought puts this morning, you crushed it.

Talon2DSO said:

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Ending on a bad flush

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It's actually a good thing. I'd love to have a limit down open tomorrow with capitulation, then we'd be close to a real reversal.

Farmer @ Johnsongrass, TX said:

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Today was a real Bull vs Bear boxing match.

And, tonight, Beat The Hell Outta Kentucky!

That is all.

Gig'em!

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Hopefully the Ags play like the Bears tonight.

Fireman said:

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For quite awhile, I've pretty much ignored the scalping ideas, but this post caught my attention. If you don't mind sharing, let's say you just caught the long side of the trade, exactly where your arrows show entry and exit. Would a $5,000 investment net you $500 or $600, or how would I calculate the reward / profit, ignoring any tax consequences? Thanks.

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Simple redneck terms....

Look at the delta and the value of the move. If $3 move lets say, its 3 X the delta (ballpark anyway as the momentum also has an impact both ways). In those cases depending on if you bought weekly and depending on the strike they usually are a lot more. BUT...you must cut it quick if the trade fails or you give up the wins +

If I would have put 5k into that trade on a weekly ATM it probably would have been 60-100% assuming I rode it all the way, I can go back and look at it.

One easy way is pull up the 2 min chart on the option date & strike itself. Then match against the price action of the underlying....overlay it. It is really clear then what could have been both ways.