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24,629,476 Views | 233273 Replies | Last: 3 min ago by Heineken-Ashi
irish pete ag06
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AG
Redler pointed out in his 630 club this morning that XBI has not dropped to June lows like most other things have... He alluded to this may be a leader when the market rallies

I looked at the chart and you may be able to see an EARLY inverse H&S forming.



30K has been on this too with his LABU talk
BlueTaze
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SPY up 0.38%!!! Will this massive bull rally hold?
BaylorSpineGuy
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I went short at 364.60. Seemed like reversal candles there. Will cut above 365.
Wrighty
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AG
BaylorSpineGuy said:


This feels like a Red Flag moment!

Bank of England was expected to raise interest rates and continue selling bonds. Instead they say the bond market is not functioning and they need to buy more bonds!!

From my layman's chair, this seems significant.
Golf1
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AG
I've told myself "looks like bulls finally wanted to step in" and "looks like bears still have control" at least 5 times each this morning. It does feel more bearish to me since anytime bulls have a chance to get it to rally it sells back off immediately.

"You don't have to trade"
"days like today are good to sit on the hands and watch"



"YOLO"
Wrighty
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AG
Good article about BoE buying bonds.

https://www.nytimes.com/2022/09/28/business/economy/bank-of-england-bonds.html

Good quotes:

Quote:

The British government's plans to bolster economic growth by cutting taxes, especially for high earners, while spending heavily to protect households from rising energy costs has been resoundingly rejected by markets and economists, in part because of the large amount of borrowing it will require at a time of rising interest rates and high inflation. The International Monetary Fund unexpectedly made a statement about the British economy on Tuesday, urging the government to "re-evaluate" its plans.

Quote:

The British government's sweeping fiscal plan, presented without an independent fiscal and economic assessment, has sent investors fleeing from British assets. The pound fell to a record low against the U.S. dollar on Monday, and traders suspected that the central bank would be forced to raise rates quickly, which pushed up short- and long-term borrowing costs.

Quote:

The market turmoil and the central bank's intervention reveal the extent to which the government's plans are at odds with the bank's monetary policy goals. The government is trying to quickly generate economic demand, while the bank is trying to cool it to lower inflation.
And the great summary of how disfunctional the BoE and English govt are right now:

Quote:

Just last Thursday, the central bank said it would initiate its plan to sell bonds back to the market as it tried to end the long era of easy money in its fight against inflation. It had insisted there would be a "high bar" for the bank to deviate from the plan,



Charismatic Megafauna
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It's comical. I saw the 365 (almost) touch earlier and I'm like "xsp puts, baby! " next candle was a $1.5 big green middle finger. Lol. It came back around though and i sold a 362 against them for a $-5 spread
$30,000 Millionaire
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This is why I haven't done anything. This is wild and it's just chop city.

Bulls dropped the ball
BaylorSpineGuy
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When that big green candle ripped, I tried to close my puts but I fatfingered the limit order. Saved my bacon because it reversed hard the next 2 minutes lol.

Proud to be a fatty today!
Spoony Love
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AG
I got lucky and scalped a call but I'm out because of the exact same thing. Choppy. Maybe we pick a direction at 9:30
BlueTaze
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That BoE news explains why USD continues to rally with inflation. The rest of world is worse than us. Too bad we aren't yet seeing a flight to US equities as safe haven as other markets tank.
Bob Knights Paper Hands
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I bought a few TSLA 285C at $3.83. Target is a retest of the 50-ema, which should push these above. $7. I'll buy a few more if it gets above opening price with SPX, QQQ, and VIX looking good. I'll take profits if QQQ goes back below opening price.
$30,000 Millionaire
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Bada bing. Think I'm just going to enjoy my day now.
irish pete ag06
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bunch of beta stuff ripping... BYND, UPST, RBLX
Bob Knights Paper Hands
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I'm a ***** and took profits at $5.
Txducker
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AG
Dollar dxy showing weakness and qqq noticing. I exited my sqqq.
$30,000 Millionaire
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Decided I wanted moar.


zag213004
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AG
30k, do you know what's with the asymptomatic rise of CWH. (I'm in a closed room so I only come out briefly to check
Brewmaster
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nice fed fakeout, now let's dump this thing!
Spoony Love
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AG
Surely we see some sort of dump and not chop at this level all day. All points of interest lead to more downward pressure.
Golf1
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But why is it taking so long… makes me think it isn't falling today.
topher06
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Dip has been coming after lunch and then last 5 minutes. I do think today feels different, but I don't know **** about ****.
Saltyag15
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S&P strong like bull today, even with AAPL being down over 3%.
Spoony Love
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Man, we'd be bazillionaires if we knew this answer.
Spoony Love
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AG
This feels like algos this morning already. Consolidate first hour, then run the price up, consolidate again, run the price up. Trying to get cheaper puts for later?
Bob Knights Paper Hands
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Golf1 said:

But why is it taking so long… makes me think it isn't falling today.

I feel the opposite. I don't expect the reversal upwards to be started by trading sideways, so the longer the bulls are unable to push this upwards after touching below 3590 overnight, the more likely I think we're headed down.

It's funny how two people can look at the same data differently.
irish pete ag06
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I'm no Mancini, but the 3695 to 3715 range will give us the answer.
Charismatic Megafauna
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Trying so hard to sit on hands now. Have a couple free+ xsp put spreads, a free+ spy call spread, trimmed some cpe dec calls...
Seems to be funny business going on with the xsp put b/a, big money loading up before jpow?
topher06
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Charismatic Megafauna said:

Trying so hard to sit on hands now. Have a couple free+ xsp put spreads, a free+ spy call spread, trimmed some cpe dec calls...
Seems to be funny business going on with the xsp put b/a, big money loading up before jpow?
Does JPow talk today? If so, I might need to trim some positions.
Charismatic Megafauna
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Bsg said he does? I didn't look for details
topher06
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Charismatic Megafauna said:

Bsg said he does? I didn't look for details
Think he already spoke.
BaylorSpineGuy
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Charismatic Megafauna said:

Bsg said he does? I didn't look for details


I feel like I read that somewhere. I think like 4 Fed speakers were coming out today.

It's curious. He said last week they were in constant talks with other central banks, and then BoE comes out and yells chicken to save pension funds.
Golf1
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My puts in AAPL hope you're right
Ragoo
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Soon?
irish pete ag06
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We will know if the 10 crosses the 50 very soon.
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