Before we all panic, let's keep in mind today we're not even down 1% Positive week, positive month, positive year... We've been kind of spoilt lately
haha. some of my twitter feed are in disbelief at this drop! As if it's down 7% or something lol we were trading here yesterday!!
Yes. The bears are salivating today for sure. What they seem to forget is that bulls are so fat on profit by now that this is nothing and they still have the strong hands. Now, this is the type of day I'd like to see before I even consider a market top. I would guess it's not, but it could be. I will try a long at 30 if that holds up.
Really? If I recall correctly, you seemed pretty bullish yesterday. Your timing was off by one or two days.
I said this drop was lurking, just a day off. Impossible to time to the minute or hour. I always have a swing trade mindset. Of course it wasn't perfect. And before people come at me, I don't need to post every entry/ exit I do to try and gain cred here. I'm more about sharing ideas. (before I get hate from certain people here) Don't be surprised when it finishes the move to the 20 day MA. Wether that is tomorrow or Monday. Bulls will do everything they can to get the Q's back towards 496 (5EMA level). I will look for that 20day bounce and then it's time to buy the dip.
I'm pretty sure you said there was NO way the market would drop on today's CPI when I said we could see a nosedive. That's the thing about trading with leverage at least. You do need the timing. Back inside yesterday's range now. Let's see if they squeeze it up to 65 at least. A V? Nah. That would be too weird.
I said that the report alone wouldn't cause the drop. And no matter what it would have a green print at the open. I got a much better put price this morning than if I would have held. You are right about the timing, and it can work with options as long as you get it right (don't have to be perfect).
For the record: 5634.50 gap closed. Entered yesterday short positions way too early. Made the rookie mistake to underestimate the criminal mindset of the head honcho algo players.