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$30,000 Millionaire
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Philip J Fry said:

$30,000 Millionaire said:

Draw a line on your chart and you'll see why i say that. 4050 is an arbitrary number you came up with.

4040 has many tests and rejections e.g. resistance above you, support below you. Draw it!


I'm on the sidelines until it hits 3450.
You might be waiting a while.
You don’t trade for money, you trade for freedom.
Bird Poo
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Do you recommend any oil/energy ETFs that will capture a run up?
Dan Scott
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Potential civil war in Iraq. The palace was raided and US embassy evacuations. Something to keep in mind for oil. Iraq is 4mbd
$30,000 Millionaire
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New lows coming. Cramer just said we would end the year well.
You don’t trade for money, you trade for freedom.
BaylorSpineGuy
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Would welcome that…..once I close my weekly calls I bought around 2:30 pm.

Saw that bullish abandoned baby pattern completing so took a risk on a quick countertrend move. Planning to close in the morning. No lower low was made intraday.

Early futures move up around 10 pts.
BlueTaze
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$30,000 Millionaire said:

New lows coming. Cramer just said we would end the year well.


We do end year well, but after Cramer capitulates in the 3800 range, sells his longs, and reverses his prediction to year end doom.
sts7049
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mancini's summary today:

Quote:

  • Bull case tomorrow: As long as that support cluster continues to hold (4020 lowest) the obvious magnet for this relief bounce leg would be to backtest the H&S at 4110/4125. Bears would need to step in no higher than there to keep the correction ongoing. In terms of other entries, if we can push back to 4055 or a little above, I'd be interested in longing again to 4075-80, then probably run there to 4100+
  • Bear case tomorrow: Bear case is simple and starts if we lose 4020. While there is the 4000 round number to be very mindful of, if we breakdown 4020 it would probably start the next leg lower. 4015 or 4012 is a decent margin to try a short with 4k, 3985 targets. If we dip to 4k for example then recapture 4020, most know the drill by now and its a failed breakdown and chance to get back long.
In summary for tomorrow: No big changes from the last newsletter. General lean is that bears remain in control because we broke down the H&S pattern and that we are currently in a relief bounce phase. As long as 4020 continues holding, this still has some room to go to 4075, then back-test the H&S. If 4020 fails, we trigger down directly which would see 3985 but my guess is probably continues all the way to that 3870 level below at minimum.


$30,000 Millionaire
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OSTK second entry is probably tomorrow if it continues to have decent R/S. We got 2% last time before I got skittish.

You don’t trade for money, you trade for freedom.
Philip J Fry
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$30,000 Millionaire said:

Philip J Fry said:

$30,000 Millionaire said:

Draw a line on your chart and you'll see why i say that. 4050 is an arbitrary number you came up with.

4040 has many tests and rejections e.g. resistance above you, support below you. Draw it!


I'm on the sidelines until it hits 3450.
You might be waiting a while.


Yeah. Took 3 months to bottom out from the last bear run. SPY MACD is showing very heavy on the bear side right now. All my signs point to waiting it out for a while.
Farmer @ Johnsongrass, TX
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Bird Poo said:

Do you recommend any oil/energy ETFs that will capture a run up?
I don't have any to recommend. There are likely oil/energy ETF's that are worthy, I'm just not versed in them.
$30,000 Millionaire
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Gush.
You don’t trade for money, you trade for freedom.
Brewmaster
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Nice! thanks for posting. I feel like they try to hold above 4020 until open tomorrow, maybe even 4040, then a slow dump after the opening hour.
FJ43
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BREwmaster said:

Nice! thanks for posting. I feel like they try to hold above 4020 until open tomorrow, maybe even 4040, then a slow dump after the opening hour.
3980 please.....by noon.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

lobwedgephil
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UVXY with largest darkpool in several years today, the boys are getting ready for September.
irish pete ag06
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BREwmaster said:

I think we see sub 4000 tomorrow. Hourly now looks like an H since Friday.


Talk dirty to me
$30,000 Millionaire
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this is what you need to watch in my opinion. retest of it may be probable, but i'd want to see action below it to really get 3970 in play.

You don’t trade for money, you trade for freedom.
EngrAg14
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Dan Scott said:

Potential civil war in Iraq. The palace was raided and US embassy evacuations. Something to keep in mind for oil. Iraq is 4mbd


I feel I've seen this before someplace, election year is it?
krosch11
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eBay puts tomorrow?

Bob Knights Paper Hands
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This could be gap up to slam down, but I choose to believe this is a retest of that 4110 area today.
FJ43
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Mornun!

Watch 407.60s today on SPY. Confirms and I think we see 412ish ahead. Rejects and I think we sell again in days to come to 398s.

Signed…..Guessing Redneck Trader

Trade wisely!
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

sts7049
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another touch last night of the top of this pattern

irish pete ag06
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Dan Scott
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Short squeeze stocks moving today. APRN, BBBY, WEBR
FJ43
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Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

$30,000 Millionaire
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All the overnight put buyers got murdered. They were certain there would be continuation!

I do think this is presenting a better spot to short from. Long above overnight high or towards it. Short biased below 4040.
You don’t trade for money, you trade for freedom.
$30,000 Millionaire
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Nothing to do yet.
You don’t trade for money, you trade for freedom.
ProgN
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Wow, I know a lot in here never go to F16 and that's cool but you should read this thread or at least the OP if you live/work in Austin or other blue cities.

Austin falling down the Liberal Hell Hole - Personal Experience | TexAgs
Bob Knights Paper Hands
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I bought a few 0Dte SPX 4105C lottos for $0.05. I'll eat PBJ for lunch tomorrow if I waste that $16.
Triple_Bagger
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ProgN said:

Wow, I know a lot in here never go to F16 and that's cool but you should read this thread or at least the OP if you live/work in Austin or other blue cities.

Austin falling down the Liberal Hell Hole - Personal Experience | TexAgs
It will take a while to rebuild the police force but they got a record high budget approved for 2022, so the city is trying to self correct. This stuff sucks but it happens in big cities. Shootings are more common in Dallas and Houston. And OP is right, always carry.
Spoony Love
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Remember folks: An armed citizenry is a polite citizenry
Bob Knights Paper Hands
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I sold some of the remaining AMZN put spreads for $0.51. I definitely should have sold them yesterday but they are net free so I was being looser. I've now only got 2 each of the 122/125 and 122/126 left.
Golf1
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Thinking about PARA at this level for some calls.
Bob Knights Paper Hands
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QQQ below the 50-day SMA and SPX approaching it's 50-SMA. It'll be interesting to see if bulls can pull off a turnaround Tuesday. We could still be in an OR head fake, but this looks bearish so far.
Spoony Love
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Fun shot, I'm in too. We shall feast or famine.
$30,000 Millionaire
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Trying again on OSTK. Long from 26.55. Stop 25.65
You don’t trade for money, you trade for freedom.
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