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Scaling out of positions is equally important as scaling in. Too much positive covid news the last few weeks to take everything off the table.

https://www.bleepingcomputer.com/news/security/hackers-rob-thousands-of-coinbase-customers-using-mfa-flaw/

SPY below the pivot low of last week. Nothing between here and ~425.

SPY really testing this 428.86 level, which is very important (low of last week). Waiting on bated breath.

Personal income /consumption news not the best. Earn a nickle, spend a dime result.

Seeing it base out over a longer period of time is good. Daily chart holding here is great sign, especially as it holds when the rest of the market is selling. The technical breakout we need is for it to clear (and hold over the $86 upper gap level)

I am 100% with you on this. There is so much cash sitting on the sidelines, I would be shocked if we got a 10% correction. People are just waiting to throw their money at the markets. I am just hoping for a gap down day with a big irrational sell at the open and we establish a bottom to go in...

WYNN seemed completely immune to the market weakness today.

Pretty ugly close. At one point we had 5-6Bil to the sale side MOC (market on close). Pretty considerable size! We closed at 429.07 on SPY, where 428.86 was the lowest intraday level last week. Decent chance of a gap down tomorrow. If we give up that 428.86, I think we really trigger some...

There is a definite change what is happening the last couple weeks. The dips buyers are coming in, but not in any strength and the small intraday pops are being sold off. From a technical perspective, on the S&P 500 (SPY) we have only closed below the 50 day moving average 3 times going back as...

https://www.businessinsider.com/palantir-may-lose-lucrative-ice-contract-falcon-raven-2021-9?r=US&IR=T

SPY

Word on the street is they lost a lucative contract.

SPY just broke the 100D.

Fidelity Active Trader Pro working just fine here.

433.63 was the lowest close last week and we weren't too far off from that last night. 433.24 is the 100D daily moving average which is big support. So yes, these two levels will be our support today (more so the 100D). Hopefully we bounce and move higher, or, failing that, 428.86 was the...

Absolutely, gotta buy dips.. until it doesn't work anymore. Given up nearly 10 points on the S&P since @Sanrith Descartes 's post. Going to be an interesting open.

And for perspective, we closed today only 4.5% down from the highs earlier this month. Despite how down this market "feels" over the last few weeks, we have only really retraced back to July price levels. Under the hood, there is a lot more going on as a bunch of individual index names are...

Here is a visual representation of what I am looking at for the SPY daily chart. The orange line is the 100 day simple moving average. We tested and held this level multiple times today. Another break of this and the low of last week's 428.86 would likely fuel a bigger move to the downside. But...

This slow bleeding typically just means more downside. That said, even with this close way down here, we could pivot higher and this would essentially just be a higher low on the daily action. The real move we want is a break below last weeks lows, some panic to set in, which would trigger quick...

SPY bounced multiple times off of the 100D moving average today. However, we closed virtually at the lowest close of last week. Tomorrow things can get interesting! Still, I happily added some stronger names at the 100D. Lots of room to add below if we fall apart. I am probably sitting around...

3 Bil to the sell side MOC. SPY lowest close last week was 433.63, we could be headed for a lower close. This should set up a gap down tomorrow as quite likely.

FTEC is actually positioned on a pivot here (27Jul, 19Aug, 20Sep lows). Doesn't hurt to put an order in, but leave plenty of room to add below. Buying support levels is good. Buying just because things are down, not so much. Have a plan if it goes either way.

To be fair, he said everything rally into end of the year. Not "everything rally immediately". Sort of comparable to climate vs weather. Can be a desert climate and still get rain on the odd day. Not saying he is correct in his projections, but calling him completely wrong because of a week or...

WYNN holding up quite well on a red market day. DAL holding the 100D MA. The only (relative) strength I have observed today is travel. One exception being F, that has been on a tear for a week now and holding 1.5% in the green today.

This is again (as I pointed out 2 weeks back) a slow bleed. The fact we aren't having big reactionary price movements, but slow controlled selling, makes me think further downside is on the cards. What we want is to wake up to a gap down, massive emotional selling to take place and put in a...

QQQ (Nasdaq) at lowest levels since July. This major pivot of ~360 on the QQQ is providing support (for now).

This is not a trade I would be willing to take at this point. We can honestly turn either direction sitting here mid range of 20th's dip and 23rd high. Too many external market factors happening right now to guess where we go. I know you are an active day trader too, but taking overnight swings...

I am not disagreeing, but a ton of market participants got eaten alive by shorting the same narrative 4x current price levels ago. Just be careful making contrarian bets when a name has a huge cult following and dips are bought relentlessly. The further we move back to all time highs, the more...

Don't micromanage / over-focus your trades. Everything is "clear to see" in hindsight. Stick to your optimal setups. Shorting some of the strongest names in the market can really bite your ass, especially holding this stuff overnight. TSLA is only down because the whole market is shifting to...

Premarkets looking very red. Have to be extra careful in this type of environment, as we essentially just put in a lower high on the daily chart. If we start stepping down like this, it could be the start of the much anticipated correction. Lots of external factors baked into this one. (Supply...

Go buy some land... not the digital kind.

I called for this move last week, IF, we broke this summer long bad news price range. Both charts were very similar with big pivots. The catalyst was covid cases coming down, US reopening UK travel, market inflows overall to the beaten up sector. Then clearing 100/200D moving averages was the...

F has been an absolute monster the last days too. Now clear all moving averages.

DAL and NCLH still monstering ahead after clearing all resistances and covid cases continuing to fall.

I see pivots at ~$74.50 and much bigger one around $70.

WYNN rejecting the $86 gap pivot today. Making an inverted hammer candle on the daily isn't fun. "Pay"tience pays.

Another 1.2mil share block trade just went through at $27.97

1.02mil share block trade on NCLH at $28.04

This just hit Time & Sales. Fuck me, that is beyond bearish!? BUY +12,000 SPY 100 17 DEC 21 265 PUT @.36 LMT