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Markets on the edge of that deep abyss


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#11 dTraderB

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Posted 08 February 2018 - 02:53 PM

Are you daytrading QQQ? Options?  



#12 qqqqtrdr

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Posted 08 February 2018 - 03:01 PM

dTraderB...    I'm not day trading...   Had to get a real job with benefits...    More of a long term trader...   At the moment looking at ETFs like XLY, XLP, SPY, QQQ etc.. and looking at their performance to each other over the last 10 trading sessions, and jump on the one that is doing better...   So far XLY has outperformed the others over the last couple of months, but we could be in for a change.....

 

qqqqtrdr



#13 cycletimer

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Posted 08 February 2018 - 03:48 PM

I don't trade ETF options like SPY, I trade the actual index options like $SPX.  The spreads are wider but sine it's less contracts commissions are less.  

 

Market will trade like a bouncing ball for the foreseeable future.  At moments like this (with DOW -400+) shorts or put holders should cover and resort on the rallies.....Opportunists will buy calls here.  I just purchased the $SPX March 2675 calls @ 46.50.  Targeting 54-55 later today.... I DO agree with you overall, it's on the edge of abyss BUT we are in oversold territory and a heck of a bounce could commence for a 1/2 to full day before selling takes over again.

Exited at 41.00, loss of 5.50, YUCK!