Market selling off again in the final hour of the trading day, the losses was cut to less than 20 points at one point for the SPX
Top of the morning Stockaholics! Happy Hump Day to all of you! And welcome to the new trading day and a frrrrrrrrrrrrrrrrresh start! Here is a quick check on those futures as we are a little over 2 hours from the cash market open. GLTA on this Wednesday, February the 23rd, 2022.
Morning Lineup - 2/23/22 - Turnaround Wednesday? Wed, Feb 23, 2022 Futures are trading higher heading into the opening bell...for now. It used to be that a positive tone in the futures market would suggest a positive tone to the upcoming trading day, but lately, futures are indicative of the market's present tone and nothing else. Close your eyes or step away from the desk for a minute and the picture may look completely different when you get back. Along with futures in the green, bitcoin is trading up 3% and back near or above $39K (depending on when you look), crude oil is down slightly, and the 10-year yield is back up to 1.98%. The only economic data point on the calendar was weekly mortgage applications which showed a decline of 13.1% compared to last week's drop of 5.4%. Mortgage applications can be volatile, but last week's drop was the steepest since April 2020 at the heart of the COVID lockdowns. If the S&P 500 was going to bounce one of these days, current levels provide a logical starting point as the S&P 500 closed yesterday just above 4,300 which is a level that has acted as support in the past eight months. How long that support holds in the current environment remains to be seen. While YTD performance has essentially been a bloodbath for most stocks in the S&P 500 this year, stocks in the Energy sector have been living in an alternate reality. With an average YTD gain of 20.2%, stocks in the Energy sector are leading every other sector's average YTD change by at least 20 percentage points! Stocks in the Financials sector have managed an average YTD gain of 0.2% this year, but every other sector's average YTD change is negative. Sectors that have been the biggest laggards include Technology, Consumer Discretionary, and Real Estate where the average YTD change of each one's components has been a decline of over 10%. Even in a traditionally defensive sector like Utilities, its components have already declined an average of 5.7% YTD.
haha thx guys! @Value543 @T0rm3nted also, i lied. not done placing trades quite yet haha. not a degen here, but did feel like yesterday's bounce wasn't very convincing enough for me for a more sustained bounce. hence, had entered short again up at 4323 admittedly my convictions are still really super sky high for me for further downside here. will give this a bit of wiggle room but not as much as the previous short for sure. could be a run for yesterday's RTH low, and even the the ETH low at 4250. not sure if this happens today but we'll see. i wish i could monitor the markets a lot more. really hate my IRL situation right now ngl
...and stopped out at 4288. kept it a bit tighter and on a shorter leash there. don't think lows are in but will take the profit whenever i can ofc haha.
didn't think i would be day trading the spuz today but sure enough found some rare free time for myself today and captured another little 30 handle move down. just got stopped out at 4240 on the bounce off that recent lod. not too shabby of a day/year overall can't complain too much haha. think i really may be done trading for this month here at the very least. hate to over trade. but, felt like with my conviction levels as high as they've ever been for me here that some more profits were to be had on this downside move. certainly didn't disappoint
man when it rains it pours. shorted and captured another few more handles on that move down just now. all out of my spuz short now and done for the day. probably for the month (possibly year) as well. hope everyone is having a pretty great week so far. if there was ever 1 wish i could be granted here would be to able to monitor the market action a lot more than i have been lately due to unfortunate IRL issues atm for me.
QQQ almost at bear market Not sure if we are close to the bottom just yet, I want to see a big washout day like every major indices down 3 to 4%
thx! and yea i agreed wholeheartedly there. (btw, just a quick fyi in here for any of y'all's keepin' score at home. but today's lod on the spuz H22 contract is precisely the correction low from last month to the tick )
oh wait no looks like we took it out by literally 1 tick lmao. i don't feel like this is just gonna double bottom from here and back up we go. sure, some counter trend dead cats can happen here and there. but i don't think that changes the trajectory of the market this year, which i'm still firmly thinking is lower this year.....unless those goobs over at the FED have other plans in mind lol. so far my hunch of this year being a STFR (sell the fucking rip) kinda year is sorta coming to fruition 2 months into the year thus far.
Top of the morning Stockaholics! Happy Thursday to all of you! And welcome to the new trading day and a frrrrrrrrrrrrrrrrresh start! Here is a quick check on those futures as we are a little under 3 hours from the cash market open. GLTA on this Thursday, February the 24th, 2022.
^ that emjoi sad face is precisely how i'm feeling too! and tbh, i feel soooo dirty to be making a bit of profit off of this news. but it is what it is i guess. although i didn't care if the market melted down (it was waaaay overdue for a nice pullback/correction anyway). but was kinda hoping it wasn't gonna be this particular news that would trigger it. while i'll admit i know next to nothing about politics and the like, but even i will admit that this invasion news is not good news for anyone. especially not the world. really so sad to hear this happened.
Morning Lineup - 2/24/22 - The Nasdaq Bear Growls Thu, Feb 24, 2022 It's setting up to be a painful morning for investors in the US and around the world as financial markets are reeling in every corner of the world. It's safe to say that markets weren't expecting such a rapid escalation and Russian airstrikes throughout Ukraine, so the negative reaction is warranted. That being said, it's not as though markets were anywhere near their highs heading into today. The Russell 2000 was already in a bear market, the Nasdaq was knocking on the door, and the S&P 500 was in correction territory. Economic data this morning was mixed with jobless claims coming in lower than expected, but inflation-related indices like the GDP Price Index and Core PCE both came in higher than expected. Given the macro headlines, though, futures have seen little in the way of an inpact. Based on where futures stand now, the Nasdaq will open for trading with a decline of about 3% putting the index down 21% from its record high back in November. In the history of the index dating back to 1971, this will be the 12th drawdown of 20%+ from a record high in the index's history. What's also worth highlighting is that the current drawdown represents the 3rd 20%+ drawdown from a record high in the last 3.5 years. On a related now, today will also likely mark the fifth straight 1%+ decline for the Nasdaq which is the longest streak if 1% daily declines since October 2008.
