I don't disagree with you, but according to my trading methodology this market and especially the nasdaq is a clear buy right now. I like to generally have a long and short position, sector based, and for me it would be long tech short retail right now. I'm getting ready to head overseas for a while so I've cut down my universe dramatically to a level of data I think I can download through crappy 3rd world 2g, so right now I'm only tracking a few of my favorite sectors. All that is to say that I might be missing some great sector bias, because I'm only looking at energy, tech, miners, retail, dow, semis, and homebuilders.
It's not even like I had this down wrong...my spread sheet shows the date, the big red "X" warned me that there was something that affects volatility planned this week, and I dutifully recorded the short trade. Chalk that up to finding a new risk--completely ignoring your notes and ending up in a position you knew previously to be bad. Noticing poor computer performance is NOT be the way to find out about earnings.
As long as your learning, and your losers are small, and winners are big, i wouldnt be too worried, im only kidding about today, i was sized in too where i would have made 3k if A broke, and i tried it over and over and over, if it broke and went green, id be dancing a jig right now, but in reality, i attempted something that would have paid out big like 3-4 times and only lost 70 bucks, who cares. When you put it in perspective its aggravating at the end of the day but your never going to eliminate that kind of shit from the equation 100%, im mostly joking, its frustrating cause you want to be perfect, but trading doesnt work that way, its about managing your shitty trades, and not letting them cost you much.
Well, I actually lucked out on this. They were about as perfect as they could have been for the position I have (Short Friday's $32, Long December $33. And since I didn't know, I got to reap all the reward on that without enduring the stress that position should have been causing. So I really can't complain. I mean, we all juggle machetes here, but you ever take the blindfold off and see they were on fire? That's about how I feel now.
Careful on SNAP tomorrow, i was looking at it as a short if it got below 12.50 this morning, but it didnt get there so i lost interest...... but if it gets over 13.30 tomorrow it could easily go to 14, still lots of eyes on this thing every single day so everyone is going to see it if it pushes up. Here is how i have it channeled for now on my chart What im getting at is there is no reason to let something as thick as SNAP get away from you, size up massive if you think your right, take a small loss if your wrong, thats why stocks like this and AMD are so popular, if you get it right size is unliumited, just play it tight. Im always sizing up around what i consider "Pivot points, support and resistance points, but the bottom line is it either holds there or it goes, the key is to know those levels and admit you are wrong quickly or size in heavily if your right, usually i have an order qued up for my entire size when its on those S/R levels, and im in the process of either stopping out, or doubling up, depending on what happens at that level.
Wait...did we just see the same thing in the market??? My stop is $13.33 because of exactly that line. Today $13 held like the Spartans at Termopylae. If it moves back through this with conviction, it will drop like a sack of bricks. It's testing it's MA20 on the top side, and any time that's been tested with a green daily candle (but not pierced), it's dropped the following day. You see Fenway Park in the volume today at 10:00-10:30? That was my short signal because all those bulls were held back at S/R. This one is going to run like a mad man when it breaks 13.33 or 12.67. This one's primed for a big move, and I don't see a catalyst for that move to be up.
LOL, when we both agree at 13.30, its either a case of "Great minds think alike", or "Fools Seldom Differ" Like the fenway park analogy the greenwall. LOL. I chase momentum around like a donkey and dont know what im doing so once it bounced this morning off 12.50 i wanted no part of it, the play in my mind was the break below 12.50....... once it held up, i didnt want to get myself into it. It seems like its just building support levels now. Here was the chart from this morning without todays action and what i was thinking premarket, thankfully the ALGO gods didnt push just through 12.50 and suck me in big time short and then juice it all the way through the top woiuld have been ugly.
Yeah, look at 12.67 - 12.75 though That's a fairly good S/R level going back to 8/2--a a lot of closes there. Plus, it held off the bullish advance 2 days ago, and the bearish retreat yesterday. Indistinguishable from the 13 S/R in my book, but I suspect there's a lot of algos placing importance on that level. I would not want to be long on this after 3 strong bullish days that settled into a 10-day S/R and MA20 with earnings intervening. Plus, the fundamental case for this one is going to play into people's decisions here. Very dangerous technical setup, combined with general fundamental bearishness makes me fairly confident we'll see $13 for the last time soon.