Ok. Completely out at 2674. I exited the position i entered long at 2710 at break even. Overall, I made a profit, because I averaged in but not as profitable as I had hoped. But I decided to emphasize risk management. Also, I believe the price shall hit the 2700 level at some point but I think it's time for me to re-assess at this point.
A retrace to the 2630 level would be a nice long entry. 2650 is not as attractive. But the price should re trace to test the 2650 level at some point. From a fundamental perspective, it seems that with the earnings being as positive as they are, the SPX should be much higher right now. This could be a sign that something is not quite right.
Of course, we are in a broad range. The price is now in a schizophrenic mode in this range. I think it's better to: 1. emphasize risk management and profit take--or limit the losses; 2. exploit the collapses and on a rally--profit take
So, it could go up to test the 2700 level or it could collapse. Since I am completely out now, I don't find the SPX interesting until it collapses deeply again
Am I seeing this right, AMD with <1M shares traded today? I can't remember ever seeing that the last 2 years.
XLE doing pretty well today despite oil is down more than 1% NFLX Earnings AH could have some impact to the tech sector tomorrow
At least the Volume sticks at the bottom of your chart are normal! (at least compared to other chart sources)
Good article at https://www.bloomberg.com/news/feat...ers-need-suckers-and-facebook-helps-find-them about the scammers who profit from Facebook (affiliate marketers—middlemen who buy online ad space in bulk). Some quotes: "When you’re a real douche bag the douchey things find you." Once Gryn realized that what the affiliates were doing wasn’t hard, the possibilities excited him so much that he sometimes couldn’t sleep. “It’s like striking gold,” he said. “You almost panic.” Facebook had revolutionized scamming. The company built tools with its trove of user data that made it the go-to platform for big brands. Affiliates hijacked them. Facebook’s targeting algorithm is so powerful, they said, they don’t need to identify suckers themselves—Facebook does it automatically. And they boasted that Russia’s dezinformatsiya agents were using tactics their community had pioneered. They’d begun applying tricks on Facebook that had been invented by email spammers, who’d in turn borrowed the tactics of fax spammers in the 1980s and ’90s. New forms of media have always been hijacked by misleading advertising: 19th century American newspapers were funded in part by dishonest patent medicine ads. But affiliates, he continued, aren’t really to blame. They’re just taking advantage of opportunities created by large corporations in a capitalistic system built around persuading people to buy things they don’t need. Affiliates once had to guess what kind of person might fall for their unsophisticated cons, targeting ads by age, geography, or interests. Now Facebook does that work for them. The social network tracks who clicks on the ad and who buys the pills, then starts targeting others whom its algorithm thinks are likely to buy. Affiliates describe watching their ad campaigns lose money for a few days as Facebook gathers data through trial and error, then seeing the sales take off exponentially. “They go out and find the morons for me,”
Good Tuesday morning to all. Here is this morning's pre-market thread for those wanting to get a quick read in before today's open- <-- click there to read! Hope everyone has a great trading day ahead today!
So, it could go up to test the 2700 level or it could collapse. Since I am completely out now, I don't find the SPX interesting until it collapses deeply again Finally, here's that test that test of the SPX 2700 level I had mentioned. Of course, I had exited yesterday for risk management. It hit 2698 this morning--so far
If the VIX drops to something like 12s or 13s, I might be interested to play it. Don't think we will go back to those extremely low volatility environment
SPX gap up this morning created the 3rd significant unfilled gap since late January. Shortly after today's open, SPX filled the middle gap. You can't draw a straight line through the 3 gaps, but you CAN draw a nice 1/2 parabola through the 3 points which flattens out this week. Projected forward about 10-12 weeks, we'd be back near our January highs. This parabola matches a chart I saw over on Marketwatch this afternoon. As reported from a recent Schwab.com note, "On average, stocks fall for about 13 weeks after a correction before beginning to rebound." The chart shows the current market trajectory overlaid with average corrections from market highs as well as average bear markets. If the past is any gauge, it appears that SPX is at an inflection point (which I circled in red). Will we begin the rebound along the parabola in the first chart above? Or will we descend into a bear market? Whatever your thinking, it might be a safe time to make some purchases, because even if SPX goes bear, it looks like there is typically a bailout point at about weeks 26-28 where it punctures the red line (which I also added to Schwab's chart). All while bearing in mind the usual caveats as Schwab posted with its analysis: "Past performance is no guarantee of future performance."
