VIX is 10% below 10dma = way too much complacency. My plan for tomorrow is to short the morning rally if any. I think there are trapped shorts after today who carried overnight and who will help to fuel the morning rally. I know that I will chicken out to short if the market opens lower, but maybe this should be the corrrect plan according to the "price action".
That is exactly the way I saw the problem today. What if they gap it down at the open? I would have to wait for a suitable entry which may not come. That is why I shorted part of what I want to short. You can also play the futures, but I think cash is king.
Hmm futures are falling for some reason Dow 12,974.00 -22.00 -0.17 S&P 500 1,420.90 -3.70 -0.26 NASDAQ 2,032.00 -3.75 -0.18
-------------------------------------------------------------------------------- Quote from riskfreetrading: Tommy, here is a call for you: 2:17PM: go short with NDX at 1988. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Quote from riskfreetrading: 1:53PM: go short with NDX at 1979. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Quote from riskfreetrading: My current calculations tell me that if NDX were to bounce up, it would not go above 1990. If it goes there, I plan to sell both premimum and intrinsic (ITM calls), assuming attempt to bounce fails (which are current assumption/calculations). -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Quote from riskfreetrading: 12:12PM, NDX at 1985, Who is Shorting NDX? -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Quote from riskfreetrading: 12:19PM, and NDX is revisiting area of 1984. This might be your chance to sell at what might be the top. I have already declared in real-time 1985 as the top for NDX. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Quote from riskfreetrading: Intelligent readers: NDX is now at 1984. If you re-established yourself at 1989. Apply the poem a second time @ 1984, and wait for the bulls if they still have the desire to be slaughtered at mile 1989. -------------------------------------------------------------------------------- ________________________________________ Quote from riskfreetrading: 1:53PM: go short with NDX at 1979. -------------------------------------------------------------------------------- Quote from riskfreetrading: This guy posted at 3:09PM. Since he is bagholder, I will not be surprised if the NDX tops today at exactly 3:09PM. Keep watching, This is an important point. at 3:09PM NDX was at 2005. -------------------------------------------------------------------------------- WHAT IF YOU'VE BEEN SHORTING FOR 50 OR MORE POINTS IN THE NDX ALREADY?
Congrats! Also remember that you made money and you sold at the top of today, not a small feat! I would also add that your opposite side would need to make TWICE as much as you made today JUST to catch up with you. Ponder that if you did not already. You deserve the money you made, and you should feel that you have earned it with your mental "sweat".