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Jysin

Jysin

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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 bottom. Can't be a hero trying to buy here. As I stated last week, find some really quality names, find significant support levels, place some orders there, but leave some cash on the side in case we really have an accellerated move to the downside.

The way this week is shaping up, it could be the start of an actual down trend. I think market close is really going to be compelling to watch.
 
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Jysin

Jysin

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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.
 
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Shonuff

Shonuff

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Tom Lee getting hammered on CNBC right now. "Where's the Everything Rally?", is how the Judge opened.

He answered he can't predict the future.
 
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Jysin

Jysin

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Shonuff said:
Tom Lee getting hammered on CNBC right now. "Where's the Everything Rally?", is how the Judge opened.
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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 two's worth of price action with a bunch of macro factors weighing on the market... probably a bit hasty in judgement.
 
Shonuff

Shonuff

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Jysin said:
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 two's worth of price action with a bunch of macro factors weighing on the market... probably a bit hasty in judgement.
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His original call was for it to happen in September. No one can predict the future, and Tom Lee has made the right call since the pandemic. We are all big boys and accept the risk going in.

 
Blazin

Blazin

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Just bought CAH for divy portfolio (not a ST trade) and really nothing to do with today's decline.

Watching for the signals for when this is going to reach it's zenith to make larger trades.
 
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Lightning Lord Rule

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Good day to buy some FTEC I wonder? It's a bit lower even than it was during last week's dip.

Then again I read Jysin's post and wonder if it's time to sit and wait it out.
 
Furry

Furry

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This really feels like a nonsense day, so I really wouldn't think much about anything the market is doing and just keep on trucking.
 
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Jysin

Jysin

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Lightning Lord Rule said:
Good day to buy some FTEC I wonder? It's a bit lower even than it was during last week's dip.

Then again I read Jysin's post and wonder if it's time to sit and wait it out.
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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.
 
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Fogel

Fogel

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CEI is one of the current meme stocks, it went from .50 to 3.00 in a couple weeks. Than I notice it used to trade at over 160 million a share back in 07, thats some shenanigans

1632857716354.png
 
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Shonuff

Shonuff

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$318 loss, my first losing day since 9/16. Ignored the signals on JETS, thinking they'd come rushing in. Stayed long, but I think that even with covid dropping, they'll take it down to mid 23's.

I get confused sometimes, am I day trading or investing? I should have followed the signals, but I'm like, JETS should be 20% higher right now.
 
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Big Phoenix

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Fogel said:
CEI is one of the current meme stocks, it went from .50 to 3.00 in a couple weeks. Than I notice it used to trade at over 160 million a share back in 07, thats some shenanigans

View attachment 374881
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Maybe that was caused by split/dilution shenanigans?

Also what a tease. UAL looking to go green into the close of trading but instead takes another dump. And AMD down %6, damn.
 
Jysin

Jysin

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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.
 
Jysin

Jysin

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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 80% cash.
 
Lightning Lord Rule

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Jysin said:
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 bottom. Can't be a hero trying to buy here. As I stated last week, find some really quality names, find significant support levels, place some orders there, but leave some cash on the side in case we really have an accellerated move to the downside.

The way this week is shaping up, it could be the start of an actual down trend. I think market close is really going to be compelling to watch.
Click to expand...
The last hour of market activity was distinctly down from what I could see, contrary to the last few days I believe.

Does this feed into your prediction of a bigger down tomorrow followed by a bounce back or more of a slow and ongoing downward trend?
 
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