Good Tuesday morning to everyone! The pre-market thread has been posted- <-- click there to read! Here's to a great trading day ahead to everyone in here today!
Monitoring this morning to see if a meaningful retrace will materialize and then maybe another long entry
I just traded an equity this last time. But, I haven't traded an option in a long time. I forgot actually how it works. At any rate, I am starting to re-study how to trade options. The weekly options, that is. The IV factor is crazy!!! I prefer a low delta but even with a crazy move, the IV can render the the CALL option nonprofitable after commissions. Almost a scam
THE BEARS NEED TO DROP THE PRICE BELOW 2620 [INTRA DAY] TO TAKE SOME MEASURE OF CONTROL--BUT THE BULLS ARE KEEPING THE PRICE ABOVE THAT LEVEL. The price, however, is range bound intra day. [A trader should always consider which time frame applies to what at all times. Each time frame requires a different trading or investing strategy!]
Now, according to my theory, the SPX is--relatively speaking [again this is all dependent on time frames and the actual price action at a certain point in time]--undervalued. A fair price for this month, for example, is around 2700 or so. This is why I'd like for the price to collapse so that I could buy again. But, at this point, today it has been range bound AND, on the intraday basis, the market is bullish. The price has to be non-above this level somewhat for the bears to be in control as I mentioned above.
Looks well on track so far If we don’t get some wild action after the CPI tomorrow morning, then maybe the crazy volatility that we saw last week will be done for now
that bounce off the daily 200sma (red line) and trendline was almost picture perfect here are the retrace levels of the entire move from the ATHs to the low of the correction. starting to break through the 38.2% retracement ... 2703 would bring us to halfback, and then the daily 50sma at 2720. think that could be possible.
looks like we're having the smallest trading range today in the spx since the correction started of course before this correction started this would have been considered a pretty large range
XLU (Utilities) could be an interesting play tomorrow. Down just under 7% YTD but if inflation data isn't hot tomorrow, this sector might some love tomorrow
Taco Bell CEO going to Chipotle. Didn't Chipotle have the double CEOs, who were also the founders? Seems they've changed that.
