Took 1/3 off my hedge at $25.61. Bought a little LABU. Playing back and forth on allocation % basis. 

Look at Cathie ARKK up over 6% and headed for $49. She's back badmouthing big auto and the Fed. I frankly think it's a distraction fund like garbage media and she works for the big money. Not too far from $159 now. Good risk barometer to watch though. 

I emailed them it is 2022 and please send their program back to 2000.

Sold more LABU above $10. Riding the rest still carefully. New avg on LABD hedge $24.68. Second entry at $23.25 today there. 

NFLX showing just how good losing 1 M subs is. Less bad isn't good. Just like the Federal deficit spending comparisons. Gotta take profits when they are there in this market. 

Great point, Matt has discussed waiting for it to take out the above resistance as a trigger on those. Trade high prior day in some cases.. No trigger, no trade. Great stuff man

That's fantastic! I'm seeing it like I did when I played baseball these days. I don't wish I hit a Homerun. I'm happy that I doubled into the gap and scored a few runs. That kind of consistent play is a significant contribution to winning games. One at bat at a time. Sometimes it is ok to walk  or take a day off if I'm tired (sit out, walk away, not trade for some hours, etc.). Preset orders and alerts are my friends so I don't need to watch every tick.

Waiting for the close has been another strategy I've used to get more full moves before adjusting. Of course each has its own risks and rewards. Or run a hybrid.

Thanks for sharing your notes!

SPX That premarket bump higher faded fast on indexes, almost instantly. You had to be right there are 7am selling the strength if trading on that short a timeframe. Very exhausting environment if trying to capture every tick.  Not a game I play. If I catch it cool, if not, whatever. 

OXY was one of the ideas featured a few times. Worth noting that Buffett bought more again recently and has a 20% stake in the company now. Certainly a nice tail wind if choosing this one to trade. I would guess this is why Steve has shown this one as a trade idea. I have a friend that works with XOM. 

I personally just stick with XLE (the sector) and use a levered 2xetf, ERX when I play the space. This shows how individual trading is. It is based on what someone is comfortable with to begin with regarding the instrument of choice, then can go from there in managing entries, exits, etc. "In accordance with your plan, objectives, etc." as is often preached. 

Steve, Great explanation and context around what has transpired over the last three days. And for acknowledging how tough it is to forecast things day to day. I appreciate the focus you have kept consistently on taking things level to level and keeping an open mind as markets change. I've improved as a trader and have learned from you. 

The comment that was in focus for me was in chart 5 of the SPX daily. "Again, targets are targets, it doesn't mean that every target is going to be fulfilled"  

Huge statement for me keeping an open mind while staying balanced in the day to day for possibilities. Pretty cool to see the 4,220s area in focus as a fib. I highlighted that sometime ago when markets were bottoming in the 3,600s. That was the post where I joked the rally coming was going to have you growing bull horns haha 

If I recollect correctly, the wave Cs are the waves that are most powerful and one can make stronger daily bets objectively. This is where patterns resolve after their pullbacks/consolidations. Some traders even wait for the wave Cs or days like yesterday, gap and go's to make their bets. I'm continuing to work on placing my trades at the most opportune times. Fastballs down the middle for me to take my best swing. No guarantees of course, though my risk/reward goes way up. That's all I can do is increase my odds for success and manage from there. 

Really good what you said in chart 13 comment of SPX as well about getting caught up in being perfect and focusing on smaller time frames and keeping in mind the bigger picture (longer term or medium term time frames). This is the stuff that is challenging and bears repeating. Great reminders bear repeating. Really good what you said as well with their "always being fumbles along the way". It has to be kept in mind for me that there is a lot of information still coming out with earnings, the Fed, etc. 

I don't play the game anymore where I'm expecting to capture every point on the index. I want to eat meat and not settle for crumbs. That means if I'm buying correctly ( usually on weakness for my style into support) then I can release inventory into resistances as they are achieved without as much risk. I don't play that coulda, woulda, shoulda deal anymore with thinking if I didn't keep the whole position for a whole move after the fact that I'm not trading right. It is all very personal and that isn't really fair to evaluate things that way from my view. If I'm making consistent profits and not being hurt, then there is always another day in the market. Over time I've developed more patience and learned to take my shots when the market provides them. No forcing trades and then getting upset when my expectations aren't fulfilled. 

Evaluating each trade has helped me as well. Why did I enter where I entered? Why did I exit where I did on a portion or the entire amount? This is the required homework for me to improve. It has taken years to get better at trading. I've been most successful as an investor with long term swings buying the big selloffs and selling the big overboughts over the years in sectors/indexes. 

Great stuff, keeping an open mind

I sold some GDLC today I owned from the $8s avg. at $10.35. Nice calls on the crypto man. I have 1/2 position left 

Wedbush calling a generational buying opportunity. Bottom callers everywhere. 

Forget the long term charts, policy, inflation, war, qt, etc. 

Fed would have to pivot imo which doesn't appear to be happening anytime soon. 

Interesting with the current inflation data, IBonds will renew or be offered at 12.4% estimated in November. 

So a capitulation never happens in the next months or year, eh? How not? The big money just lets it bottom? I'm open to changing my mind, just seems radical.

Congrats all who won on NFLX! 

Sold some more LABU at $9.24 in ah from $7.99 pullback buys. Long since the $4s when I posted here. Still riding the rest to $11s hopefully or more. Amazing day. I have a hedge on now with LABD in case we get any surprises. 

Amazing day for our long term accounts too!

Would love to dump some long term stock fund inventory in the  4,200s or higher. Let's keep the party going a while. 

Respect on taking a definitive position and posting it. All the best on it, pulling for you!

Long LABD at $26.10

Sold some Labu shares 7.99 to 8.87. Love this volatility. Trim and trail the rest.

3,874 supply resistance, rug pull time again? 

IBM taking a hit on US Dollar strength: (IBM) – IBM slid 5.9% in premarket action despite beating top and bottom line estimatesfor the second quarter. IBM warned of a $3.5 billion impact to earnings because of the strong U.S. dollar.

JNJ lowered guidance because of the same issue: (JNJ) – The health-care company reported quarterly profit of $2.59 per share, 5 cents a share above estimates. Revenue beat forecasts as well. J&J cut its full-year guidance, however, due to the strength of the U.S. dollar rather than operational issues.

Gap up for the SPX here, happy to sell into it, had bought some shares on the close via SPXL back that I sold on the gap to 3,900. I'll take a morning win. Alert set if the gap wants to fill and still watching the 3,790 gap as well. Not too excited about getting long the index unless it fills. If a mircale happens, I have long term inventory that will benefit. No fomo, ever. 

Also, finally getting that reversion to mean downmove on the dollar I was looking for. Been in and out of puts and the bearish etf for nice $.