TOP NEWS & ANALYSIS Dow briefly sheds 500, in correction territory "Uncertainty about China (and) general negativity is weighing on the market," one strategist noted. Oil also briefly dipped below the $40 mark.
Cramer: We need leadership now wonder if yellen will be thinking of ways to prop up the markets this weekend.
All three major indexes are having worst week since 2011 Reem Nasr | @reemanasr Brendan McDermid | Reuters Trader on the floor of the New York Stock Exchange.
Left close to $800 worth of profits on the table, meaning selling out stocks way too early and missing out...and this is all from Thursday and Friday, Nasty feeling knowing that...Mostly from SPXS that I sold yesterday of course a day later the markets plunge....Ill be back to get my money on that one soon.... To some it might not be a lot which it really isnt but on a week such as this when everyone is probably down thousands and tens of thousands on their portfolios $800 extra in your pocket for the weekend sounds pretty good right now
I've made about 12k$ in the last 2 weeks with a few solid strategic positions on GC, EURUSD, EURGBP, a VIX futures spread, and just plain not overtrading or even much intraday trading to be honest. Mostly 1-2 lots, nothing huge. Also had some positions that were deeper in the money but got stopped out (Robusta) with 1/4 of my unrealized profit actually realized, and currently a WTI/Brent spread that's slightly against me. I don't blame anyone for leaving money on the table in this last move - given the way the market has punked out shorts month after month over the last few years. It's impossible to know the limits of this current market as it doesn't resemble markets of the past and there's no strong frame of reference IMO. I just try to stick to key levels and read between the lines.
Yeah im kicking myself riight now cause ive been trading on the premise that we cant set new highs with the strong dollar right now, so ive shorted the dead top probably five times already and taken 10-30 point profits, but then i inevitably missed the fucking move, i was looking at the ES on Tuesday night thinking it looked toppy at 2100 and was going to start legging in again but it gapped down on wednesday and so of course because i decided not to chase it proceeded to hemorage for 130 points in 3 days, but im trying to console myself saying i shorted it 5 times made 20 points on average and only would have made 150 points had i held the one position and just been stubborn, so its kind of the same thing just alot more work, lol
If it means anything, the only significant profit I got on ES was today's 28 pt short and the VIX spread. There were just no good entries for me on the ride down given almost no significant pullback and I just can't force myself to jump into it without seeing where the buyers attempt to defend and fail. One could end up going short on the obvious selling and then 10 pts later buyers or the fed move in and take you out. I'm honestly surprised at the velocity of this sell-off - it's almost unheard of in this market. But it's good that its finally happened because now we know its again actually capable of it and reality actually makes sense for once.