7 replies to this topic

[tommyt]

There is no secret here, the fundamentals are horrible and everyone knows it. This has the traders shorting everyday for the last 100-200 SPX pts, knowing the market doesn't belong up here with the backdrop. I gave it a shot myself. Mark has been showing us the assets in SH, the shorts won't give in. You can see it the way it trades, the shorts are trapped and getting squeezed, with FANG blowing to the upside. We probably need them to flip to get a decent high. As much as I do say the shorts are stuck, I do say its not a good spot for fresh longs at all. The SPX 200d MA = 3002 and is acting like a magnet pulling price up, and my target. So I do not think reward/risk is good with only 2% up from here. Internals diverging, price will top last.

 

https://stockcharts....id=p19774440182

Edited by tommyt, 11 May 2020 - 12:29 PM.

[flyers&divers]

Currently the futures (ES) are acting like they want to take out the early lows after they made an outside up swing.

At this point I am fully hedged because soon we'll have a trap door type opening for real. 

 

Regards,

F&D

 

 

[gismeu]

Astrology looks bullish for the whole week, so I would wait at least until Thursday or Friday with shorting.

FWIW, gis

[flyers&divers]

Thanks for the info gismeu.

We are close to the highs so it may blow through first.

 

F&D

[flyers&divers]

After that comment yesterday the futures actually made it down to the day session lows around 23:30 ET but like on so many recent days they were walked up to make a new swing high after the open this morning and then they collapsed.

In my trading account I came in fully hedged with a bearish slant but early today i have managed to undo most option spread positions because decent fills would be difficult and time consuming to get during hectic conditions if I had to adjust. Have some bull put spreads that would come alive if we have a further sudden drop.  I need a clear head to focus on swing trading.

Lately I have been integrating Ichimoku into my intra day charts (1, 5, 15 and 60 min) and removed most indicators so that I can focus on the price flow. When there is enough tension in the market like now staying with flow is more important then conviction in precise price points.  

 

There i always a main theme or conversation that the market seems to respond to, be it impeachment or Covid 19. I have been continually amazed that the upcoming elections were not in the forefront until the last couple of days.

I think conversation about the topic will grow in intensity and the big money's preparation for possibility of change in leadership are going to result in meaningful rotation of asset classes.

Looks like this president is toast but media, even financial media, is making it feel like 50/50. As always we'll have to use our common sense to decide how to face the market.

 

Regards

F&D

[gismeu]

Astrology looks bullish for the whole week, so I would wait at least until Thursday or Friday with shorting.

FWIW, gis

Well, I could not have been more WRONG!!!

 

Need to look at my astro interpretations seriously,

 

gis

[flyers&divers]

If it has been working for you in the past it will be correct again.

I do think that when markets are very emotional at some point emotions drive prices to extremes and at the turning point that trumps everything.

 

F&D

[gismeu]

If it has been working for you in the past it will be correct again.

I do think that when markets are very emotional at some point emotions drive prices to extremes and at the turning point that trumps everything.

 

F&D

Thanks and if I include today or at least today's opening, then the call wasn't that bad 

 

Self-deceptively, gis