3309 Drysdale Ct
Edwardsville, IL 62025
Market may want next TICK if strength continues. Strong buy dip
2nd that...made huge profit on SPX calls. Bought lows above 2d
DVT w/ expectation of touch/ go day to fill gap. I use a blend of
indicators to trade based on probability.
Matt - Would be interested to see your guys' take on wave counts
in next newsletter and where this pullback fits in. Thanks.
JNK/HYG forming small coil; down slightly today. Dont assume
bearish; could be either way in this market phase.
Thought I should share an educational mishap of sorts...sold 414
SPY Puts at open Fri...worked great all day; SPY closed 414.92.
Didnt close b/c thought it was far enough over to not be assigned.
AH Fri SPY dropped to around 413.6. Was assigned shares...was
ok due to oversold price and premium greater than difference.
Could have closed Puts for $0.01 during day...sometimes its
best to eliminate risk even if probability is low...
SPX 5min appears to be forming a tight falling wedge...
Yesterday looked like a B bounce rally, now into C with measured
move to around 4180...will see if that area holds. I sold SPX puts
expiring today at lower levels w/ these elevated
CAT stretched on weekly and monthly charts…profit taking.
I’m watching around 200d to see how it acts but being patient
after run it’s had.
Many S&P ETF ex-div dates after op-ex this Fri
GDX filled the gap...
Saw big positive flow in ITM SPX options I trade around 1:30
that gave heads up to end of day move. Lets see if it follows thru
into tomorrow or beyond. Always interesting to see the footprints
before moves happen.
I would also add that since its low float it has moved
proportional to how often its mentioned on BPT. Not saying
its being pumped but volume has increased dramatically.
Matt - Could you post SPX cycles charts during this last hr when
you have time? Thx
Steve (I assume) - Thx for adding 60min rising wedge. Wasnt on
Big SPX volume today on narrow range up candle + positive market
indicators ST = typ bullish; options gamma keeping SPX pinned but
could be explosive over breakline when contracts roll off tomorrow.
Like the TICK extremes, I like seeing Matt/Steve's potential
wave labels as it gives me a guide of market position for
strategizing orders. Understood its dynamic and not always
accurate. Its another indicator you cant obsess over, but
overall its helpful when comparing to my counts. Thanks for sharing
TDA shows 68.34 and higher previous highs that Stockcharts
doesnt, wild. Ive also been monitoring that channel but will
watch closer now. Thanks.
Interesting TradingView shows that pre-covid high and
Stockcharts shows couple pts lower w/ all previous highs
surpassed...even PnF shows a triple top bullish breakout. BMY
is a LT holding of mine and charts look good. Its typ a slow and
KOlooks like a buy (57.5ish pre-covid high
target); also weekly and monthly charts look great:
Be cautious shorting pullbacks this late in the cycle, unless
your nimble. Still gas in the tank to take market higher; the time
will come to be negative but not there yet. Plenty of positive
signs in the technicals, aided by short covering rallys.
Fundamentals are another story you cant trade off.
Investors still have one foot out door...should lead to higher
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