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RELIEF RALLY! Enjoy it while it lasts....GRIDLOCK is GOOD!


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#1 dTraderB

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Posted 07 November 2018 - 06:00 AM

Finally, there exists a catalyst, a pretext, if even dubious, for the market to rally. 

 

So, enjoy it while it lasts....and it could close the SPX 2765 level today and much higher if the FED obliges with even a hint of 

dovishness. 

 

But, technically, significant damage has been done to the market and most of the underlying reasons for the decline are still there on the table so the market will have to find some way to reconcile all of that if it has to move beyond SPX 2835.

 

Maybe, there will be a quiet period that favors a continuing rally, maybe there will be realistic hopes of a trade war settlement, and there will be less political heat & noise.  

 

More importantly, we will finally see the "Art of the Deal" President who can work with Congress to pass an Infrastructure Bill etc.

 

On the other side, if those issues are not handled properly then the market will revisit SPX 2600 before the end of 2018.

 

First target is an SPX daily close above the 200ma @ 2765

 

At this time, I don't see a rally lasting more than a few days so I will waiting & watching for the bulls to show their strength or the bears to move in again to sell at higher prices. 


Edited by dTraderB, 07 November 2018 - 06:01 AM.


#2 dTraderB

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Posted 07 November 2018 - 06:02 AM

VIX pre-market trading with a 17 handle, down 2.60 or 13% as I write this



#3 dTraderB

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Posted 07 November 2018 - 07:38 AM

Two good NQ trades this morning, one short, one long.....can't take my eyes off that VIX chart, 16 handle soon!

Maybe a VIX BUY at clsoe of today (SPX sell)

..a rant.... 

 

We’re at the tail end of a long economic cycle and wealth inequality is the worst it’s been in modern times. But keep telling yourself inequality is getting better. It’s not. It’s a tragedy what’s happened to the middle class, the countless millions who have no retirement, no savings, nothing. This happy talk by Yellen is offensive as the Fed has contributed to all this. They’re not all to blame, but they’ve had a part & refuse to acknowledge it, instead they want to take credit with the consequences unaddressed and not having played out.

The consequences will only come truly to light during the next downturn. To say that wealth inequality is improving at the end of a cycle is to be willfully blind to reality and the next downturn. People who have little to no savings when things are at their best will be in dire straights when things turn.

And if the end of a cycle is the measuring stick for success then this cycle has been a failure. We see it in the economic statistics and we see it in the country’s politics. Division, resentment, and anger.

I wish it was not so. We, as a society, can’t improve it if we can’t even have an honest and realistic debate about it.

But there’s no leadership on the horizon.

The Fed? “There isn’t a whole lot we can do”.

Congress? “We just gave the top 1% and corporations a massive tax cut”.

Mind blowing.

https://northmantrad...6/mind-blowing/



#4 Bernie

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Posted 07 November 2018 - 07:50 AM

People today don't want to put in the work to be in the top 10%. They live for today and don't have the discipline about there finances. Then later in life complain they have nothing..



#5 dTraderB

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Posted 07 November 2018 - 10:13 AM

Strong buying, every shallow pullback so far, more so in NQ than S&P

 

Bias toward NQ LONG trades

 

QQQ 173.5 will persuade me to buy puts



#6 dTraderB

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Posted 07 November 2018 - 11:57 AM

ah hour-long snooze but finally NQ is alive again

 

I should get QQQ 180 JAN puts filled on this leg up



#7 dTraderB

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Posted 07 November 2018 - 01:26 PM

Crash Window not yet closed. 



#8 dTraderB

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Posted 07 November 2018 - 02:45 PM

What a day! 

Vertical NQ ascent, also S&P, but the NQ is much stronger

 

I added  4 QQQ puts, net 7 QQQ puts; will add more on any rally during last 75 minutes 



#9 LMF

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Posted 07 November 2018 - 03:16 PM

Over head gaps on the VIX chart look pretty ominous now......they won't stay open forever.



#10 da_cheif

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Posted 07 November 2018 - 03:31 PM

u guys   lol     watch the sky