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Markets Coiling: BUY/SELL the Breakout


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#11 12SPX

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Posted 24 April 2023 - 08:00 AM

Yay your back, glad it was a good rest.  I agree with you mostly as I still think big picture were headed down as the slowdown starts to appear but may take a while to really show up.  Market has been very resilient holding up here with low volatility readings, bond yields higher now and call options holding onto their extremely high prices.  There is also that lofty spread between the cash and futures numbers that needs to be dealt with.  My short from 4155 was taken out this morning at 4153 for a 2 point profit but the good news is that my sold weekly call options have actually fallen a bit coming into this monday so there may be a chance for a bit of a rally.  Think this week is going to be hugely volatile for sure with mega cap earnings and the GDP report.  Most important thing is I'm sure its gonna be a fun week.  Hope we get a bit higher here coming into the cash market to get better sell levels as were stuck in the middle again.....



#12 dTraderB

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Posted 24 April 2023 - 08:10 AM

Tough market... wanted to resune trading Thursday last week but decided against in last 2 days of OPEX week.
Big tech earnings this week - ideal case will be DOWN this week & the UP into FED week.

#13 dTraderB

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Posted 24 April 2023 - 08:11 AM

Thanks. Had to also take care of business matters. Tough market... wanted to resune trading Thursday last week but decided against in last 2 days of OPEX week.
Big tech earnings this week - ideal case will be DOWN this week & the UP into FED week.


Yay your back, glad it was a good rest.  I agree with you mostly as I still think big picture were headed down as the slowdown starts to appear but may take a while to really show up.  Market has been very resilient holding up here with low volatility readings, bond yields higher now and call options holding onto their extremely high prices.  There is also that lofty spread between the cash and futures numbers that needs to be dealt with.  My short from 4155 was taken out this morning at 4153 for a 2 point profit but the good news is that my sold weekly call options have actually fallen a bit coming into this monday so there may be a chance for a bit of a rally.  Think this week is going to be hugely volatile for sure with mega cap earnings and the GDP report.  Most important thing is I'm sure its gonna be a fun week.  Hope we get a bit higher here coming into the cash market to get better sell levels as were stuck in the middle again.....



#14 dTraderB

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Posted 24 April 2023 - 08:52 AM

Doug Kass is SHORT AAPL
I started a new AAPL PUT position, will add more above 167

#15 K Wave

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Posted 24 April 2023 - 08:54 AM

Rusty one more go at the big round one....

 


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

 

 


#16 K Wave

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Posted 24 April 2023 - 08:56 AM

Doug Kass is SHORT AAPL
I started a new AAPL PUT position, will add more above 167

As long as Apple holds Friday's pivot, can still see ramp into earnings scenario....for perhaps a ginormous Sell in May and Go Away

 

But if fails to do that, then could leave the gate early.

 

5 min line could be a decent guide

 


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

 

 


#17 K Wave

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Posted 24 April 2023 - 08:58 AM

epic battle on XRT between  62 and 62.50 area...

 

if bears do no get it under 62 PDQ, bulls may finally win out...they had a gazillion chances to break 62, but so far no dice


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

 

 


#18 blustar

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Posted 24 April 2023 - 09:28 AM

Looks like a possible NR7 day today and 4 TD top {b} wave bear flag. I agree down this week (Thursday low ?). As far as next week is concerned, a little too early to tell for me.


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#19 12SPX

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Posted 24 April 2023 - 09:40 AM

Oh my go away for a coffee and I see my 4165 short build was hit, profit stop 4160 now lol!! sell above...



#20 K Wave

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Posted 24 April 2023 - 09:43 AM

SOX may be slowly losing its grip below 3040....see if it can take out 3K


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