Well I had the right idea shorting the market into the weekend, but shouldn't have done it so early Friday afternoon. Just closed position for +~2.4%
Same here T0rm3nted. I bought puts before the speech thinking we would go down and got hosed. Just sold my SPY 238 4/17 Puts this morning for $18.00 - bought at 14.77 and was down to 7.77 on Friday. Glad I came out with a 20% gainer on that one.
^^ yup 100% agreed there 3eyes. i do feel like crude is the tail wagging the dog so-to-speak. with the recovery back over that $30 handle seems to have helped bring the overall market close to halfback of this morning's gap down (thus far).
kinda late to see this here, but just to confirm, it is only when the S&P cash (SPX) hits that % level when trading halts for 15 minutes correct? not when the DJ30 or any other major does it first? someone in the live chat was asking about this earlier, but wasn't actually 100% sure. i'm thinking yes it's only when the SPX does it, but didn't really pay that much attention to it when we had those level 1 breakers twice last week.
answering my own question here lol it's only when the SPX hits the levels when the halts trigger. so technically you could see the other indices printing 1 or 2 % greater but halt doesn't trigger 'till SPX does it.
From recent all-time highs to the lows, the stock market fell over 25% in three weeks. This is the quickest drop in history. Thursday, March 12th saw the biggest decline (over 2000 points on the Dow) since the crash of 1987. Investors are panicking and running for cover, but many are also wondering if the stock market has bottomed. There are key factors every investor needs to look for. If done correctly, the profits can be insane. Investors and stock traders need to monitor fear. The higher the VIX goes, the more likely the market is nearing a bottom. In 2008, the VIX traded between 70-95. On Thursday, when the stock market had its biggest drop since the crash of ’87, the VIX went over 75. Control your own emotions and recognize the more fearful you feel, the more likely is the time to buy. Fear was palpable over the last few trading days. In fact, it was full out panic. Talking heads on TV were panicking, people were mobbing the the stores for hand sanitizer and food/toilet paper. Look at technical levels. This is insanely important. Find a major pivot on the chart, look for a bottoming tail and isolate a huge volume day. When three things like this happen on the same day and the markets are down 25% in three weeks, you likely have at least a near-term bottom. Start small. Markets in full panic can pierce key technical levels. The smartest investors know they won't nail the bottom to the penny so they start buying small. They know they want to accumulate a total of XX position. But they start with buying 1/3 of that or 1/2 of that. This keeps stress down and often will give the investor an overall better average. Go with quality names, not non profitable small caps. Stocks like American Express and Disney are down 30%+ in just weeks, these are quality stocks that should be considered versus high risk small caps that make no money. Same thing applies with Apple, Microsoft, Alphabet…ect. The bottom line is, while $137 billion was pulled out of the stock market last week by small investors, the right signal may have been to buy the markets. Think about it like this. Three weeks ago the stock market was at all-time highs. Investors were praying for a 3% pullback to buy. Now they have a 25% pull back and are afraid to buy. Smart money looks for quality stocks and inches into them at key technical levels. That is how a fortune is built. Gareth Soloway Chief Market Strategist InTheMoneyStocks
Not even the FED and QE can save the market this time? I don’t mind the market going down but definitely hope this coronavirus crisis will end soon, it is getting pretty crazy. I probably just have common flu now but I have to use wipes to disinfect the things that I touch at home since I don’t want to take any chance
i'm really delighted to hear that you are feeling better now @stock1234 albeit maybe not 100% from the message i'm getting in your post there. here's to a full 100% recovery for you very soon! meanwhile, yes, i couldn't agree more with you there @stock1234. the market pulling back is actually very welcoming, since it had been such a long time that we had seen a meaningful correction in this market. secondly, i also agree that i hope the COVID-19 pandemic ends already! this wasn't more evident for yours truly when i got that scare the other week with my aunt possibly coming down with the virus. of course as it turns out it was only just a false alarm, and she just had a common flu like you seem to have had. it also hadn't really hit me, until the entire sports world shut down. like that was a BIG! don't think that has ever happened in the history of sports where all sporting events were called off. i really hate this feeling of unknown, and would just like to get life back to normalcy already. while i sometimes feel like the media hypes things up a bit, i also do think it's probably as bad as they are reporting. during the earlier months of the outbreak i almost felt like they were downplaying or under reporting a lot of it. but now maybe overdoing it just a little lol. i also feel really bad for any new trader/investor that just recently got into the market. but, as far as i'm concerned, this little meltdown is actually very refreshing to see. (hope no one here will hate me for saying that ).
Yeah thanks Cy I am feeling a little better, still far from 100% so I probably have to stay home for awhile Yeah definitely, I love watching sports so it is sad for me that there is no sport to follow at all. I agree with you the media were downplaying the virus at first but now overdoing it a little bit lol. It is positive if the overhyping gets people to watch their hygiene more, still hearing too many downplaying it saying it is just a flu. The negative is people are hoarding and everything is almost gone at the grocery stores For people who didn’t trade during the financial crisis, they mostly used to the market kept going higher without any meaningful correction and this meltdown could be a surprise to a lot of those investors
anyone thinking we restest the opening lod this afternoon? don't think we got down to thursday's /es overnight low correct? maybe not today though, but this week..
oh wait, nevermind we did. i'm showing 2350 right on the cash open for the front month /es contract whoops!
US airlines seek more than $50 billion in government assistance as coronavirus roils business https://www.cnbc.com/2020/03/16/us-...ion-in-aid-as-coronavirus-roils-business.html Are we going to see the bailout of the airlines?
...and back with the 2-handle on crude looks like we could have our first 2x.xx close on crude in a few years...i feel like a breach into the $27's could get really interesting for the overall market again hah
Likely. I'm only using that as a level to trade off of today/this week. I believe a bounce is possible since the CNN fear gauge was at 1 lol. I believe we're going lower eventually. Note that that was the last time the SPY was below its 200 week ma.
