ugly isnt even the word
collapsing
“And just as these stocks pulled up the entire market, they can pull down the entire market by their sheer weight.”
Started by
Dex
, Jul 12 2020 05:51 PM
50 replies to this topic
#42
K Wave
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Posted 13 July 2020 - 02:35 PM
Only wish I had gone short when I sold and was looking for was looking for intraday pullback.
Oh well, caught a decent portion this move down as hour of power began....
Failed breakouts can be great shorts, let's see how far bears can take this one...
Edited by K Wave, 13 July 2020 - 02:35 PM.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
#43
kaiser soze
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Posted 13 July 2020 - 02:38 PM
I got short SPY at 3215-ish and got out at 3178-ish. Made a handful but left a lot on the table.
#44
Waver
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Posted 13 July 2020 - 02:44 PM
The VIX and RUT was the indication of a reversal imo
The entire rally from 2925 low looks so corrective that a revisit to 2925 should happen with a high degree of confidence.
#45
kaiser soze
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Posted 13 July 2020 - 02:44 PM
The other thing is that even after this 11 point down day on QQQ, it is hard to tell if the NDX uptrend has definitively concluded. Looks like a normal pullback on many large cap software stocks, Netflix and others although other NDX components have ominous-looking outside day key reversals.
And we have bank earnings tomorrow. Therefore, very hard to stay short overnight.
#46
K Wave
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Posted 13 July 2020 - 02:50 PM
Bulls just folded up there tents and left at the of the day....one of the uglier finishes I have seen.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
#47
K Wave
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Posted 13 July 2020 - 02:54 PM
So it look like the 1962 type retest of the low may still be in play after that failure at key levels today....at least for some indexes anyway.
That said, if today's high were to get taken anytime soon, then that scenario would be dead.
But this certainly looks like Bulls just gave up today.
Edited by K Wave, 13 July 2020 - 03:02 PM.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
#48
kaiser soze
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Posted 13 July 2020 - 03:00 PM
I see it as large fund managers taking a slice of their huge profits in NDX stocks before megacap tech earnings next week, reducing their risk and locking in their performance relative to benchmarks. I'm still not sure if any are liquidating their positions yet on recession concerns. If they are liquidating, it hasn't shown up yet in breadth, TICK, TRIN, money flow, etc.
#49
K Wave
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Posted 13 July 2020 - 03:08 PM
TSLA closes red after putting it in Ludicrous mode and hitting the center divider....
crazy action on that one today.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
#50
pdx5
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I want return OF my money more than return ON my money
Posted 13 July 2020 - 03:12 PM
Haha Bulls vaporized at close! Great day for day traders if acted on the correct side.
"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule
