Thanks man, first cash gap still open at 3,677.95 then the other at 3,583.07. I have another meeting and dentist visit at 1, so glad to have profits and be in cash for trading account. Another new high for me 

SPXS took profits on my short into the woosh. Took much going on, back in cash now for trading account 

Pray you are feeling better, feel better! 

VIX still at $30.71 currently. You'd think it would be dropping  a lot more if this was sustainable.

T Bills update: The 4 week investment rate this last time around, issued today was invested at 3.303%.

It did sound funny, started my morning off right :) I'll be there to capitalize on both directions when it happens. 

Gapping up this morning to fill the 3,744 gap, fill a gap with a gap. Next gap higher isn't until 4,110. Two gaps lower now if this holds, yesterday's close at 3,677.95 and another at 3,583.07. We have seen this movie before. No idea on timing for the drop but it will come. It can be day, day(s), or months, only Oz knows.

I'll take another 1/3 near premarket highs for my short trade/hedge. I now have 2/3 of a 1st entry position. Any good move down I'll likely take profits and reset. I'm in good company here with trading and have learned to protect first and make money after that. 

My long term stuff all very happy this morning so far otherwise.

I think you listed all possibilities here, down, up, and sideways chop. I bet one of those is right haha

The 3,583 gap was one reason why I wanted to take a small shot. I've been making quicker trades on both sides until this sets up better. Nimble is as nimble does haha 

Thanks Matt, I appreciated the chart you posted as well with the symmetry. Would love a sustained rally for my long term inventory. 

This particular small short trade is simply for some quick money, an objective spot with resistance around that area to try. 

This could end up just being a scalp but I'd prefer the pain to happen overnight so I don't have to sit on it. Smaller so in case I'm wrong i can enter more higher with plenty of room. I don't think it's headed straight up into year end. I do however think there is a possibility we have seen the lows for 2022.

SPX market is ripping in the after-hours. I'm going to take a shot here for a 1/3 of normal size 1st entry short via SPXS. Price $26.04. 

Depending on what happens overnight it could be either a quick payday or I may need to hold a bit if they hold another gap up. We shall see. 

I like having a little here with the gap below open still and now it gapping again. Also opex. 

T Bills  Update from the recent auction, 13 week investment rate of 3.9%, the 26 week investment rate of 4.4%. Not too shabby for short term cash and no risk or fluctuations.  

SPX Big Bull waves the white flag, cutting price target to 4,000. He was at 5,330 until July, then went to 4,800, and just now 4,000.     

https://seekingalpha.com/news/3891777-another-big-bull-waves-the-white-flag-as-oppenheimer-cuts-sp-500-target

SPX I'm here singing that famous song, "they got short in the hole into all time record bearishness"   

Wish it wasn't a gap unfortunately, Oz will let us know if they are going to hold it up and run for the 3,744.52 gap or back down to the 3,583.07. Morgan Stanley out saying today S&P can go to 4,000 on inflation bull trap. That's funny last week they said it was going 5% lower, we are talking days apart here. Just hilarious. "It's the same ol'situation" 

Jamie Dimon watch: One thing of note is that he hasn't bought any stock personally or for the company. I prior posted that I won't be buying anything likely for long term accounts until I see him step in. He did say they will do buybacks in 2023 during the earnings report today. 

I started watching him and another bank ceo years ago for my clue on when to buy or sell. It allowed me to get my 401k to cash before the big crash. These guys know and always get the best prices. 

SPXL now up from $49s to $58.85. Lots of money to be made on the long side as well if buying/selling right. 

gap is at 3,669.91 for reference on downside if they go that way today at some point. If not, 3,744.52 on upside first gap. 

You left me off, I'm speaking at 11:00 am ET   

SPX systems ? Matt, will any of the systems look to go long in these types of conditions whether or not a pullback comes or not? An example would be markets could just continue higher over time into year end. I remember there were a few systems that traded that way? Thanks

I'm with you Kobie, tough to stay bearish the remainder of this year given yesterday's action, seasonality (issues are known-cpi bad, war bad, interest rates bad, boogeyman is coming, spx below corona lows-riduculous..price targets by wavers who made no money in every bull market only selling their  books), and definitely have to keep an open mind as I said yesterday. 

It is very early in this rally to be considering shorting again imo. About half of bear markets were stopped in October for the year. It is to the point now where nobody believes things can go right even for a day or two. Sentiment is historically extreme bearish. 

Good earnings from JPM this morning doesn't support lower prices, will be watching others: https://www.cnbc.com/2022/10/14/jpm-jpmorgan-chase-earnings-3q-2022-.html

Yes, Dimon is going to make dire predictions to sandbag his guidance and  position. It would be a total gift for him to get lower prices to buy stock for the company and himself as well. The risks may be there, though it is important to consider other reasons for these big statements. 

Also remember they are the biggest businesses to lobby for help anytime there are issues. Very well connected and take little business risk of their own ultimately with the backing they have and government support. The headlines ultimately don't mean a thing. Remember who went to run the Treasury in the financial crisis? The ex Goldman Ceo. No way should these guys be making statements in the public like they do and piling on markets when they are trading on the other side. It is amazing what they do is legal given even the news is bought and paid for. 

So I'll go back to following the price, nothing I've said for why this or that is going to happen matters anyway as the people behind the curtain, I call them "Oz" who control it all anyway. Take what I'm given and control what I can, which is where I buy and sell. 

I have no issue selling longer term assets into extremes,I've done it most recently at 4,800, 4,600, and 4,300. I'll buy into extreme weakness for longer term crashes, etc. Just not convinced this was it and if it happens, maybe next year. I have some long term inventory still left invested from the corona crash.

I have a friend who follows options money as his guideline for positioning and he tells me that November is going to be the worst from what he's seeing. Maybe it's correct, if it is then it will be the first time since 2018 that we had weakness into the end of the year. I remember that as I was still in the business as an advisor back then and worked 14 hours buying for clients December 24. 

One day at a time. I'm in cash now in my trading account premarket after selling the rip, buying that huge dip yesterday etc., still think its early though in this rally and can see it filling 3,744, maybe going as high as 3,800-3,900 over time. There is a zone at 3,915 of interest. 

Good baseball games on today at 1 and 430. Also working on another project. Have a great day trading all.

To your point, bank earnings kick off tomorrow: JPM, C, MS, and WFC.