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ST BUy, stop SPX 2826; IT top being formed


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#1 dTraderB

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Posted 26 July 2018 - 06:30 AM

Not complaining about the dog days of Summer after yesterday's active session and a wild after-hours trouncing of Facebook, seems rather quiet this morning, seller's remorse as the Equity Futures snap back. 

 

Still on ST BUY with daily SPX close STOP at 2826, but you really should be alert to very quick reversals and be ready to get out of any position, Long or Short, any second. SPX 2830/32 is an important support level. 

 

SPX should test the record high but any failure will be disastrous for the bulls and will signal an important IT topt. Basically, that's my criteria for a new bull phase or an IT decline. 

 

I added new QQQ Puts & rolled some contracts forward into October with higher strikes & am now about 23% down in that portfolio, my high-risk trading. Added a small VXX long that is about breakeven, made nice profits in Crude long and short trades and also in ES long. That final rally last afternoon was a good ES long trade to end the day. I was tempted to trade after-hours but too tired. 

 

IS the HOUSING bubble bursting? 


Edited by dTraderB, 26 July 2018 - 06:31 AM.


#2 dTraderB

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Posted 26 July 2018 - 07:41 AM

No, the FANGs are not dead & buried, but there will now be more caution as people realize those stocks are not invincible and they are not a one-way trade. 

 

As Twain once said, allegedly:

quote-the-reports-of-my-death-have-been-



#3 dTraderB

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Posted 26 July 2018 - 11:35 AM

Approaching one of those critical points in the market for 2018. 

 

If BULLS can withstand the next day or two, then new highs and SPX 2900 plus will be seen before SPX 2700



#4 dTraderB

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Posted 26 July 2018 - 02:08 PM

Put in limit order to buy 5 SEP 21 AMAZON 1900 calls @53.25

Will raise to get  a fill before market closes regular session

 

Hope these expire at zero or lower than 10 bukcs


Edited by dTraderB, 26 July 2018 - 02:08 PM.


#5 dTraderB

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Posted 26 July 2018 - 02:09 PM

maybe I will raise limit price in next 10 minutes if not filled



#6 CLK

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Posted 26 July 2018 - 02:18 PM

Put in limit order to buy 5 SEP 21 AMAZON 1900 calls @53.25

Will raise to get  a fill before market closes regular session

 

Hope these expire at zero or lower than 10 bukcs

 

 

 

 You are selling to open, right ?



#7 dTraderB

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Posted 27 July 2018 - 07:05 AM

Yeah. I would gladly lose $300 in AMZN call options because QQQ will drop like a stone and my 44 QQQ put options will soar.