19 replies to this topic

[K Wave]

OK, this wedgie should be just about done....

[thoughtpwr]

Clearly one thing hurting the market today is not only what happened yesterday, but the number of traders waiting for the jobs numbers tomorrow AM. Market is doing quite well relative to the lack of participation that is imposed upon today's action. However, that doesn't mean the bears have to rest; does it.

[K Wave]

NQ looking to enter the air gap zone on 1 min chart....

3rd time the charm??

[thoughtpwr]

At 12:15 EDST the bears just let it get away.  We should get to 238 on a strong jobs number tomorrow.  We should close at 236 or plus today is my take.

 

Look to WDC and especially SODA for bull positions.  SODA is about to breakout in a new upleg that should take it to 56-57.  I liked the bull call spread 50/57 to reduce cost out to May.

Edited by thoughtpwr, 06 April 2017 - 12:29 PM.

[thoughtpwr]

Looks like we have to test the 320 MOV from above before anything else happens. It's 2:30, the normal low; so hopefully, we rally into the close and get to 235.80-236 area.

[K Wave]

Lotta work done at 5435 NQ today....bears still have ball until it taken out....

[thoughtpwr]

Well the bottom just dropped out, so I think I give up on rational thought; apparently the threat of a Syrian attack is what caused this hit on Tillerson news conference. 

 

Its pretty clear the ball gets kicked back and forth producing really choppy action.

Edited by thoughtpwr, 06 April 2017 - 01:56 PM.

[thoughtpwr]

I took another look at what has happened and its still possible that what we did today was to perform little waves 1-2 of wave 3. If that is true we shouldn't violate the low after Tillerson's news conference at 234.88.  We should establish a nice channel that takes us directly to wave 3 peak.  We will see.

[Charvo]

It looks like this market has problems when the VIX is sold down because the VIX level of around 11 something is getting put buyers to come into the market for cheap hedges.  A quick VIX strike upwards would deal with this because it seems there is a lid on this market with the very cheap hedges available.

[Iblayz]

Unless the market makes an incredible dump in the last 15 minutes, my take is today is bearish. In my opinion, the lows for this move are NOT in. So I will just stick my neck out there with some dates. I think that the market will be down until April 21st with the usual head-turning games in the interim. If the market makes a low a day or two before that and holds it on the 21st OR makes a low on the 21st and holds it........I think it makes a serious bounce into May 15th. If the low of the 21st (or the day or two before) does not hold (after the 21st), then May 15th could be a seriously lower low. All in my opinion, of course.

Edited by Iblayz, 06 April 2017 - 02:54 PM.