Definitely, there are a million ways to skin the cat, as long as your profitable thats all that matters. And given your consistency, I feel sorry for that cat ! lol.
2810 going into the close was the perfect place to get short the nq today for 10 points. It was holding like it was nobodys business too but it did end up dropping. 2800/2799 looks like the new floor. No idea what way were going tonight or tomorrow but put options are looking very cheap right now
2810 is a level of interest for a while now. If you pull up a 60min chart and zoom out, you'll see that price bumped up against this level many times throughout the whole month of March and then sold off. It was as if sellers just sat there and waited for price to approach then whacked it for some easy money. So I am not surprised to see sellers stepping up at this level again today after the rally. I think if tomorrow we open below today's low, (particularly ES) we will see a larger correction under construction. Look at the bounce off the 1531.75-1533.25 support we had this time compared to when price bounced off this level from 4/5 to 4/11... 60 handles straight up with shallow pullbacks. Now the pullbacks in this current bounce are more deep and this rally looks pretty tepid from the 4/18 low. Also, tomorrow after the close Apple reports earnings... and I'm thinking if Apple numbers are inline with analysts, it will be interpreted by the the markets as negative and cause a sell off, which will be the last nail in the coffin for us to see a solid 10% correction in the S&P's and that tranlates to roughly 1440.
+150 on a scaled out 3 lot (+1.25, +3.25, +3.75). I wish it could've been more but I executed (entry and management) today according to my plan and this is what the market gave me. Unless we sell off hard, I'm going to wait for tomorrow after apple earnings have been digested before placing another trade.
If apple breaks 405 right now, its bullish for the rest of the day until earnings come out - Biggest point of resistant on the NQ from 2830 is 2850 if it can make this break. Tick breadth is painting a bearish picture
Yesterday +80 Today (-80). I am long a small apple position @ 408.33 since yesterday. I think if we break above 420 and hold that level, we can see a nice rally.
-Apple is a value stock given its new share repurchase plan and all else remain the same. So even without any new products, I think we got at least 25% upside price action from here. -Analysts were wrong about apple then when it was trading at 700, and they are likely wrong now with a slew of them cutting apple's price targets and downgrading the stock. -CEO Tim Cook most likely will cave to a larger screen Iphone. He did so with the buy backs, there's no reason why he won't cave again, especially when we know the smartphone market is trending towards larger screens. -If indeed there is a larger Iphone in the pipeline, it's time to join the party now. Buy the rumor sell the news. I just wish that the media would stop it's incessant coverage of apple and just let this stock recover quietly without much fan fare.
I like apple a lot but unfortunately theres a lot more to worry about than products for the company. You need to factor in the economy as a whole. What can happen before the price goes up? a shit ton of macro events that kind of stack the odds in favour of bears. The buybacks cool for supporting the price but what makes it so cheap at 410? If its this low now, whats to stop it from hitting 350 or 300? All of the tech companies are overbought right now in the nasdaq complex, sure you have that kind of going for you if they go down an funnel money into apple but lets not forget 2 more things - The markets are at their tops right now and mutual funds are net sellers right now... Whats your view on the direction of the NQ for the next few days to week?