Day Trading Isn’t Fun When Stocks Like Amazon and Apple Don’t Only Go Up - Bloomberg It is all part of "going around the block" 10x. A friend started talking about how he was going to by XYZ once it hits some low on the chart. I told him to wait and see what the general market is doing FIRST, when it hits that price (some 20% lower) IMO the ES and NQ will test the 200 MAs soon. Once that happens, see how it happens, and what the environment is. A bounce for sure, but that is only part of the technicals to watch. I think "rolling correction" is a good description of what is going on now.
A quick moonshot to near ATH or a new ATH wouldnt surprise me in the least due to the sheer strength of the long term uptrend that recently broke. Regardless - we are headed lower. Make no qualms about it.
Day Trading Isn’t Fun When Stocks Like Amazon and Apple Don’t Only Go Up - Bloomberg ---> Day Trading Is Fun When Stocks/futures not only go up but also go down and up and down and up and down - anonymous
Day trading is funner (it is a word) when stock indexes are going ...... down. Trading against the crowd.
What crash ? In a few weeks we hit traditional bullishness for sectors liked IT and Banks, especially in rising market years. Some stats show historically the chances of a rising market later this year are quite high. My guess is we close the year higher then current levels. Exact route impossible to know.
Long energy has often been trading against the crowd. So many traders trying to short the trend and investor sentiment on the stocks has been quite low at times. Of course, as the money flows, it's become impossible for fund managers to totally ignore the reality of the trade. And who doesn't like stocks appreciating 200-2000% ? October 2020 almost nobody was buying these stocks.
All anyone had to do is see the chart of EIA weekly report showing double top (albeit a small one) in July of last year and then steep drop-off (hard not to notice that) to know shorting crude was the wrong position to have.
%% TZA makes money off bearish moves; but I'm not in that right now . Even though its close enough to 50dma to go either way. 4th quarter tends to be bullish for SPY,QQQ+ related. TNA tends to underperform+ be wild also LOL , like today. Good points
The point however is that even when Oil / Nat Gas started to rise it took forever for Cdn energy stocks to gain any interest. Ignoring the general bounce on the Covid bottom most energy stocks were catching no buyers at all in October 2020 and were ridiculously cheap given their rebounding cash flows. The crowd and fund managers hated the stocks. Which created an oversized opportunity.