Damn you aren't kidding, that is textbook.

Boy Named Sue said:

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Copa515 said:

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Over 1.1 trillion in a year. lol

But I understand what you mean. I opened a small account separate from my regular account just to day trade and my goal is to average $50 a day right now.

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How do you get around Pattern Day Trader regs? Or do you have at least $25k in it?

My play account is 90% equities and 10% cash for day trading.

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Trading futures can get around it. I would suggest trading MES starting off. ES/MES moves almost exactly the same as SPX during cash session (and you can follow or observe 30k and Mancini's ES levels whenever he is active on here). It's a pretty good way to get your feet wet because there is no theta decay and you have to gain ticks/points to be profitable. It can be a little bit harder than trading options but if you can consistently win more than you lose then it will make trading options a little bit easier IMO.

You can trade XSP which isn't subject to pdt but it doesn't have nearly the liquidity or volume as SPY so it's not ideal to day trade. People on here trade XSP but there have been times where the B/A spread is so wide and such low volume that I could get out of a trade in time so be aware of that if you trade mini options

/CL. Hit MT down to the penny and bounced (though today it didn't fare well)

Exxon has taken a bath since crushing earnings.

was about to page farmer for his oracle view on where xom closes the week

XOM lost its 1month range. Now has a gap to fill at 110.17

I thought SPY would pop back to 415 after the opening drop down but here we are4, still headed down

Just going to sit out the rest of the day probably, thanks for the call out on that shooting star perma doomster

Let's go VIX !!! Grip and rip it

FJ... did you cut XOM June 125s?

Spy 5 and 12 SMA and the 8 EMA are all converging on the daily. Maybe it chops the rest of the day but something is about to happen. Vix ripping could be the indicator.

I want to see 410 today

was in a meeting just now - whoa.

that's a lot of volume as well.

Appears going away in May commenced around 1pm yesterday.

Should have waited on buying 0 DTE spy puts yesterday.

Ccutamu said:

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FJ... did you cut XOM June 125s?

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Nope. Want to see if reclaims 50. Down 22%. June calls within my trade plan.

Took off all but runners on May VIX calls for the win. Those more than offset the XOM.

Holding all June VIX calls.

Did another bank fail somewhere? Financials getting murdered.

busier day today work wise - was this off the JOLTS report?

$30,000 Millionaire said:

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busier day today work wise - was this off the JOLTS report?

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Looks like JOLTS and factory orders (.9% vs. 1.1% expected on factories).

this is also just blowing through support levels. 4135 should bounce, for example.

4130 is a minor support, 4124 is more meaningful.

I'm looking for a SPY bounce around 410. Surely the bulls will wake up then and fight.

I've made my goal for the day. It's now just play time.

dip buyers today got smoked.

Spoony Love said:

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I'm looking for a SPY bounce around 410. Surely the bulls will wake up then and fight

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day before fed?

At this point, I'd want a support reclaim to try a long. i missed the short, and you can't freshly short here (cause where would you set a stop that wasn't random?)

4131 reacted, but i'm not trying anything. I might try 4124 small size if we get there.

Sorry, just a quick scalp. I think we settle between 410-411 today. Just a gut feeling since it seems to be placed amidst several supports on either side for a wild Fed day tomorrow.

$30,000 Millionaire said:

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dip buyers today got smoked.

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Hey who you callin a dip!?

Any takers?

$410.70 is Model T on $SPY. Flashes should be used to enter $415 calls into next week IMO.

— Disciplined Trading (@oldarmy1) May 2, 2023

Maybe SPY will hit $0 today

4124 gave 3 points

call premiums are elevated

so watch what they're doing with premiums on 0D. SPX is going up while option prices are going down. On the 4120C, SPX moved +4 while option prices declined.

uber looks pretty good but not sure i want to try it while the macros are puking.