Its over reaction at its best. But we'll have to wait until tomorrow morning. Maybe we can get some more capitulation, who knows.
i've got a 2/1 (2 calls to 1 put) spread on the qqq that I bought just before the close. Hopefully, we open way down here, i'll sell the puts at a massive gain, and buy more calls.
setup. While I think the gap play will most likely work, I am worried about the panic at the open. Could push it further down and that may be a better place to swing for the fence. Believe it or not the fact remains that I have to go cut the grass and that was a factor as well (please don't tell anyone )
As I started feeling on Monday, we're getting to the point with this kind of market that the market's moves become a market event, or in other words the market's moves become the news. The ranges were bigger on the S&P back in Sept 01, so we aren't quite there as far as the volatility is concerned but the momentum seems to be building so we can't be that far away from some event type days.
what you said reminded me of Soros' theory of reflexivity... it's when the technicals become the fundamentals that a reversal is pending... it's just a matter of weeks now. daytraders don't mind me, just long term rantings.
buy the dips?? how can you lose?? For all you dopes out there going long the ND futures tonight, you could have easily bought the tech stocks all night cheaper than the futures. The NDX cash was trading around 1118 (the ask 1122). If you got on the bid of the stocks you could have easily gotten long at around 1115 (equivalent futures tack on $1.50 for FV). I like the guy who said he would try to sell at 1150 overnight. And you could have easily bought all the QQQ's you wanted under $27.95 (from 6:00 - 8 PM) as well which translates to about 1123 for futures. You may make $$$ tomorrow but there were better alternatives tonight. THANKS for the dough!!
Thanks for your informative post. I wasn't watching any stocks as I usually only watch futures in overnight trading. I'll have to check out what you said in detail. I'm really glad you like me maybe we do some more trading together sometime.