well, what you almost did, i did , except i bought shares in nugt @76.xx , that sell off was way overdone, so i bought, although i really wanted to wait, i couldnt pass that up, they hit that thing way too hard at the open for that to be logical. im already up 8% lol.
if the S&p closes at these levels...then game over. we are heading down to the 1900s....this is a huge battle zone here around the 2030 area.
S&P is breaking down, Gold is breaking down, Crude currently at support. Can't say any of this is unexpected as it seems obvious market keeps looking for reasons to sell and gold was and still is way, way overbought. First and only potential stopping point I see in the S&P is around 1980 - 2000 area. Otherwise we're well on our way to another correction down to that support for a third test of 1800. I wonder if it can hold off a bear market for the third time now. I guess we'll see.
Not as exciting as SPY in the big picture, but in the little picture VRX is having a rough day, but nearing its bottom support. I wonder how much of a bribe financial encouragement Ackmann gave Citron to go on TV and say he had shares in VRX. Ackmann is a very desperate man.
WMT +9% Thank goodness for that, it was starting to look like trouble, now WMT goes and saves the day!
If this market can drop into July, then it will actually rally on a Fed rate hike. Because we are backwards that way.
So, here the SPX hit 2025. It's just at the top of my buy zone level. I'd like for it to test that 2020 level, if possible and then I might think about buying at this level. I expect it to bounce back up to that 2050 level at some point. I had mentioned yesterday that I would be interested in the 2020 to 2025 zone. There is even a possibility it would plunge somewhat deeper than the 2020 level before the reversal happens. That would be even a better time to buy, I think.
I'm thinking flat or up tomorrow. I'm showing 206 as SPY max pain. Unless there is some market shaking event, I can't see them closing out OPex week any further away from 206 than we are now.
The SPX is at 2036. I didn't enter at 2025. I mentioned that I had wanted the SPX to explore that 2020 to 2025 area and maybe entering there. Since the SPX did not work with my plan, I decided not to enter. I don't like missing out like this but I've learned that--in the long run--it's always better to simply follow my own rules for entering and exiting and if I miss out, I miss out.
Sold my SLV puts at the open. Whew! SLV did a whole lotta nothing the two or three weeks I was holding them and actually just broke into the green on them yesterday. Closed them out this morning at $0.92 from a $0.48 entry and they expired tomorrow anyway.
Gotta love playing at the casino with options. 24 hours away from probably being worthless and you practically net a dohble bagger at the last minute. Noice.
