just narrowly missed tripping the level 1 breaker on the cash spx remember that after 3:25pm eastern breakers don't kick in unless you fall -20% before the bell
gotta be honest here, but this is actually kind of surprising to me just a bit at least... the fact that we're selling off bigly like this with brrrr (aka, QE-infinity) in place and all is alarming to say the least
wonder what the FED can do next honestly ... do they have any other bullets beside perhaps cutting rates to negative?
Negative rates would be pretty negative for the banks though I see them buying stocks like Bank of Japan is doing before going negative rates
Has the DOW lost 2k in a day before? Not likely to get there but the DOW is down over 1500 points right now
Ok. The SPX shot up past 3200 after 2970--it didn't go back to 2900 or 2800 for me to enter then. But, now with this collapse to non-above 3050, I entered at around 3050. If it collapses more, I shall average in more. But, it's time to re-enter strategically [whether I exit tomorrow or next week is all dependent on the price action. I realize it's about risk management and profit taking in this environment. Had I stayed in until 3100 originally, I could have been at break even and, of course, if I had stayed in originally until 3,200, I would have made a nice profit. But live and learn. But staying outside the game is not sensible--just become sharper]
actually, i believe the breakers kick in (at least for level 1) at -7% down in the cash SPX. then its -13% for level 2 (but it won't kick in if it's after 3:25pm eastern). -20% will halt for the remainder of the day.
I'll be back when the SPX is above the 3100 level [and well above it hopefully]--about the time I shall profit take or think about it. My theory says the SPX will retrace back to at least the 3100 level. But, this environment has all types of unconventional catalysts and things can be adjusted here and there somewhat because of that.
i guess that nazzy 10k print was enough to get the correction going. although honestly i did think the other majors would at least follow suit and print a new high as well before the next correction. one day doesn't make a trend either on the upside or downside, but this doesn't look too good for the bullish case. the fact that we're having this, even as the FED is pedal to the metal basically is a bit worrisome. market is forward looking, and i guess it see's that 2nd covid wave materializing which is admittedly a bit disconcerting if i'm being honest.
The second wave is concerning for sure A pretty bad sign if we can’t even contain it when the temperatures are higher. I was thinking the second wave wouldn’t become the problem until fall
