I don't want to hold thru that kind of rise. I think we have a short term top today/tomorrow with a small pullback. A rise to 13,800 on the Naz 100 futures is about 8% rise from here. I'm not going to sit thru that if I get the opportunity to exit next week on a pullback. Then a rise into March instead of a decline is my best guess. Fear/Greed is getting pretty high here. Should have listened to DSI which did warn of a bottom at the end of 22 and early Jan 23. Good luck to all. My health is bad. Prayers appreciated.
I'll be closing most, possibly all shorts in the next few days. Naz100 3800 is the target now
Started by
skott
, Feb 02 2023 11:50 AM
5 replies to this topic
#2
skott
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Posted 02 February 2023 - 12:15 PM
the clearest thing to me RIGHT NOW is the Dow index. I think a pullback to near the 200 day is likely place to close all shorts with possibly the exception of XLE. that'd be about 4.4% if that happens I should be able to exit with a profit. I'd then look to reposition in early March but who knows. my life situation change has been sudden and is now precarious
#3
skott
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Posted 02 February 2023 - 12:34 PM
XLV, which is Healthcare ETF that I'm short is also working pretty well. It might be a keeper too. If today is not the top, I won't be surprised to see 4300+ on the S&P
#4
skott
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Posted 02 February 2023 - 12:44 PM
QQQ has now retraced almost 38% of the decline of 2022. I was reading anecdotal evidence about how the economy is really doing. Sub prime car loans are the worst since 2008. Real disposable income is at the year 1932 levels. 1 trillion$ decline in real disposable income in 2022. It's scary what is coming. Everyone will be touched.
#5
skott
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Posted 02 February 2023 - 02:28 PM
I wish we could edit our Topics. I even proofread it. I meant to say the Naz100 target is 13,800 after a pullback that I said would start now or tomorrow. It may be doing that now. I added a small amout of QQQ short earlier @310.29 It too is underwater now but thankfully XLE, XLV, MSI and TLT have kept my boat from totally capsizing today. down about 1% today
#6
skott
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Posted 02 February 2023 - 02:47 PM
We'll see if this pullback, should it continue, amounts to something more. The VIX and VVIX were both up even when the markets were at their highs today. Now they are up 8% Somebody appears to want protection. CNN Fear greed reached 75. Gold stocks getting hammered. I'm looking for an entry for them but the pullback for them has not happened in an ideal way. Day by day for now.
