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Market tries to reverse Trump tariff selloff


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#1 diogenes227

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Posted 06 May 2019 - 08:01 PM

From the link:

 

 

Sell signals are sell signals but what’s next is tricky given the velocity of today’s rebound (see the candle on the SPY chart below), but it did not quite reverse completely and it may have used up immediate buying power to get to where it got on the close. If so, chances are it reverses again to the downside tomorrow. The key will be play the open, preferably with either calls or puts, while looking to lock in profits on today’s gains on TQQQ and UPRO and any of the bellwether stocks.

 

RIDING UP FROM THE OPEN

 

P.S. What's with after-market and overnight futures traders?  They often gap it up only to watch is slide down all day, or like today, they slam it down to watch it scream up all day. Are these guys vampires living on the blood of each other and shriveling in the sunshine?

 

 


"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).

“I've learned in options trading simple is best and the obvious is often the most elusive to recognize.”

 

"The god of trading rewards persistence, experience and discipline, and absolutely nothing else."


#2 LMF

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Posted 06 May 2019 - 09:07 PM

My TQQQ trading system is on a 5 minute sell signal.....it's been lower highs and lower lows since April 29.  It's still churning around inside the channel from the December lows, so it's not over yet.  The last washout close was on January 3, so it's been a long time in the up mode. 



#3 K Wave

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Posted 07 May 2019 - 09:45 AM

ES 2890 big....

 

NYA looks to have already given up the fight at 13K...


Edited by K Wave, 07 May 2019 - 09:47 AM.

The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#4 K Wave

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Posted 07 May 2019 - 09:47 AM

After this coming drop, IF NYA reclaims 13K level, then that would be where possible meltup could occur.

 

In the mean time, we see how much damage bears can do for a bit...assuming ES 2890 fails to hold here....


The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy

 

 


#5 diogenes227

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Posted 07 May 2019 - 07:50 PM

From the link:

 

 

Sell signals are sell signals but what’s next is tricky given the velocity of today’s rebound (see the candle on the SPY chart below), but it did not quite reverse completely and it may have used up immediate buying power to get to where it got on the close. If so, chances are it reverses again to the downside tomorrow. The key will be play the open, preferably with either calls or puts, while looking to lock in profits on today’s gains on TQQQ and UPRO and any of the bellwether stocks.

 

RIDING UP FROM THE OPEN

 

P.S. What's with after-market and overnight futures traders?  They often gap it up only to watch is slide down all day, or like today, they slam it down to watch it scream up all day. Are these guys vampires living on the blood of each other and shriveling in the sunshine?

 

 

 

My, my, I seem to have underestimated today's tumble, a bigger reversal than yesterday's attempted rebound.  Hopefully everyone jumped on puts close to the open.

 

yes.gif

 

Good luck and good trading.

 


"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).

“I've learned in options trading simple is best and the obvious is often the most elusive to recognize.”

 

"The god of trading rewards persistence, experience and discipline, and absolutely nothing else."