FUBO - How did I miss this in early August? This should get one more pump to $2.60-$3.00 range, though my target at $2.60 goes through late November, so maybe it's not quite ready. Whether it does it now, or after hitting that upper range, I expect a 1-3 month consolidation that will land somewhere between $1.25 and $1.75, though as long as it holds its bottom it is still game. That consolidation should lead to a move to $4.40 and $12.50 at the highest. With stop being $1.10, it's risky right now despite the reward. Had I seen it two weeks ago we'd be golden. But for now, I think we wait for this move to play out and get that consolidation. Once its done, we can then have a higher stop with the same or better reward. File this one away for 1-3 months from now.

ProgN said:

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Don't be surprised if POWL runs higher into the close if anyone is considering a swing trade. The attention and volume is there today for that to happen. The caveat is that if the macros flush, then they'd be swimming upstream. I don't think that will happen.

I just entered a swing trade position at $173.22 and if it crosses over $181 into the close, then I'll book my single on this trading position.

This does not pertain to my previously posted larger position. This secondary position is what I'm swing trading today. If it doesn't cross $181 then I'll hold this position overnight without fear.

ETA: I'm referring to shares, not options.

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I'm selling this secondary swing trade position ONLY.

SLV - Any lower and $26 area has to hold. And if it gets there, the next high is likely to be in the $27.50-$28.00 range where I will likely go net free on all September calls if possible, or take full profit on $30 strikes or any other strikes that dont have enough premium to get me net free and leave decent upside.

If today's low is in, then I expect high $27's as the next move up where I will de-risk September calls to a lesser degree (still take some profits but not sell as aggressively) while looking for $26.50-$27 area as the next retrace. In this scenario, it can still grab one higher high above $28 likely in the $29 range and probably targeting early September. I won't default to expecting any extensions, but they are certainly possible with $29.50 being about as high as I would expect unless the next move up blows through $28.

Once this move completes, hopefully around $29 in early September, I'll be expecting a retracement back to between $26 and $27 where I will start to more aggressively build out Nov, Dec, and Jan call positions and add to the ones I already have.

Lots to play out here, so here's a summary.

Support 1: Today's low
Support 2: $26

Resistance 1: $27.36 previous high within this pattern
Resistance 2: $27.50
Resistance 3: $27.90
Resistance 4: $29
Resistance 5: $29.50

Since it's dead af in here today, I found this pretty cool.

https://www.dailymail.co.uk/sciencetech/article-13768581/Miners-second-biggest-diamond-carat-tens-millions-X-ray-technology-Botswana.html

Quote:

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The second biggest diamond ever found - a rough 2,492-carat stone - has been unearthed in Botswana thanks to specialist X-ray technology.

The gem, uncovered by Canadian mining firm Lucara, is the largest diamond seen in the last 120 years since the discovery of the world-famous Cullinan Diamond.

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Hey Dr. Carebear, I found something for you to get your wife for Christmas.

nortex97 said:

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Meh, looks like it needs to be cut down.

It's a pretty low volume day. I think the open tomorrow will be bearish. SLV rolling over on daily macd. IWM just working at trimming. BTC, I have no idea. Been expecting a jump.

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Brewmaster said:

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$SPX - Get Ready

For a Mthly 'Hanging Man' Candle at close... pic.twitter.com/UwNLJgo4RQ

— Sahara (@SaharasCharts) August 22, 2024

not sure it looks 100% like a hanging man after today, but it don't look good!

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It will require WW3 or full collapse of the US Dollar/bankruptcy for SPX to hit 1750. If either one of those things happen, it's not going to matter what you're in because it's not going to matter.

ProgN said:

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Brewmaster said:

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$SPX - Get Ready

For a Mthly 'Hanging Man' Candle at close... pic.twitter.com/UwNLJgo4RQ

— Sahara (@SaharasCharts) August 22, 2024

not sure it looks 100% like a hanging man after today, but it don't look good!

---

It will require WW3 or full collapse of the US Dollar/bankruptcy for SPX to hit 1750. If either one of those things happen, it's not going to matter what you're in because it's not going to matter.

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SPX was at 1500 in 2000 and 2007. Times where we still had significant government debt and devalued currency. What's happened since then has been historical currency devaluation that has sent every country that has tried it into depression. And your post is a common misconception. It won't take war to unravel the reckless fiscal and monetary policy since 2009. War will come BECAUSE of the destabilization of 15 years of Keynesian deficit spending on steroids and currency devaluation. War didn't cause the great depression. The great depression came before the war when the world was in chaos and chaotic people took control of destabilized countries in economic turmoil.

Heineken-Ashi said:

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ProgN said:

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Brewmaster said:

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$SPX - Get Ready

For a Mthly 'Hanging Man' Candle at close... pic.twitter.com/UwNLJgo4RQ

— Sahara (@SaharasCharts) August 22, 2024

not sure it looks 100% like a hanging man after today, but it don't look good!

---

It will require WW3 or full collapse of the US Dollar/bankruptcy for SPX to hit 1750. If either one of those things happen, it's not going to matter what you're in because it's not going to matter.

---

SPX was at 1500 in 2000 and 2007. Times where we still had significant government debt and devalued currency. What's happened since then has been historical currency devaluation that has sent every country that has tried it into depression. And your post is a common misconception. It won't take war to unravel the reckless fiscal and monetary policy since 2009. War will come BECAUSE of the destabilization of 15 years of Keynesian deficit spending on steroids and currency devaluation. War didn't cause the great depression. The great depression came before the war when the world was in chaos and chaotic people took control of destabilized countries in economic turmoil.

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I was using WW3 as an example, but I believe the Dollar's collapse is imminent and probably before 2030. DC won't stop spending. Instead both sides of the aisle want to spend more so we're ****ed. In the meantime, I'll continue to trade, book singles and use a percentage of my cash pile to purchase physical assets.

Not going to bring politics into here, but CNBC had a guy on today that said if the Ds get the WH and both houses of Congress, that they have 401Ks and unrealized gains (your annual property tax appreciation) squarely in their sights.

ProgN said:

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Heineken-Ashi said:

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ProgN said:

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Brewmaster said:

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$SPX - Get Ready

For a Mthly 'Hanging Man' Candle at close... pic.twitter.com/UwNLJgo4RQ

— Sahara (@SaharasCharts) August 22, 2024

not sure it looks 100% like a hanging man after today, but it don't look good!

---

It will require WW3 or full collapse of the US Dollar/bankruptcy for SPX to hit 1750. If either one of those things happen, it's not going to matter what you're in because it's not going to matter.

---

SPX was at 1500 in 2000 and 2007. Times where we still had significant government debt and devalued currency. What's happened since then has been historical currency devaluation that has sent every country that has tried it into depression. And your post is a common misconception. It won't take war to unravel the reckless fiscal and monetary policy since 2009. War will come BECAUSE of the destabilization of 15 years of Keynesian deficit spending on steroids and currency devaluation. War didn't cause the great depression. The great depression came before the war when the world was in chaos and chaotic people took control of destabilized countries in economic turmoil.

---

I was using WW3 as an example, but I believe the Dollar's collapse is imminent and probably before 2030. DC won't stop spending. Instead both sides of the aisle want to spend more so we're ****ed. In the meantime, I'll continue to trade, book singles and use a percentage of my cash pile to purchase physical assets.

Not going to bring politics into here, but CNBC had a guy on today that said if the Ds get the WH and both houses of Congress, that they have 401Ks and unrealized gains (your annual property tax appreciation) squarely in their sights.

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The dollar won't collapse before any other currency does. In fact, it will likely strengthen if that chart comes to pass. Because that chart only comes to pass with a full on deleveraging.. where debt is unraveled and the price of everything comes down.. meaning the value of the dollar is getting STRONGER.

And whatever is coming won't be a 2 year crash. Likely more like 10-20 years with mini crashes sporadically followed by years of choppy attempted recovery that routinely fail.