bclemms
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Testing 3200 really hard. It broke through that 3210 high resistance level briefly but pulled right back.
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Similar to DAL testing $36/share today.Testing 3200 really hard. It broke through that 3210 high resistance level briefly but pulled right back.
Longer everything consolidates on these levels the bigger the pop will be when it breaks up/down.Similar to DAL testing $36/share today.
Only long position I kept was BYND it went wild today. Been dealing with Cristobal so have no idea why it popped like that.Market is up >300 points, but the VIX is also up over 1.5%. Given how much the market has run up, I suspect that most of that increased volatile option activity* is on the down side. I would guess that traders are setting up for an episode of profit taking (or even a correction).
*VIX is driven by option action (puts and calls) that are "out of the money", as a function of anticipated volatility.
I agree. It will either go up, or down.If it holds as support it should be lots of upwards momentum. If it doesn't then could get ugly.
LOL, easy call right? I did say Friday we would run up to 3200 and we had a big run up to 3200 with a little sell off in the afternoon. Then said on Monday we would retest 3200 and if it broke then we would see a pull back on Tuesday. Well, Monday broke and now we are down retesting 3200.I agree. It will either go up, or down.
LOL, easy call right? I did say Friday we would run up to 3200 and we had a big run up to 3200 with a little sell off in the afternoon. Then said on Monday we would retest 3200 and if it broke then we would see a pull back on Tuesday. Well, Monday broke and now we are down retesting 3200.
Technicals say the next support level down on the SP at 3105 and it's weak so that is kind of the minimum retrace level, break that and it's really a long way down. That's substantial. If 3200 does hold then it'll just be upward momentum. So yeah, can't tell you exactly where it's going to go but it gives a really good idea on what and why things are happening right now with no other real news. Just think of it as a path the markets want to go. Big news will change that path but right now it's being driven almost solely on technicals. Same with the way it's cycling from tech to trash and back. I've never really liked trading on technicals but right now it's the only thing we have. If you know which direction the market wants to go right now you can make a lot of money with the volatility in small caps, travel and leisure as well as energy.
Think of techs as short term safe havens. If the markets go down then money will flow back to FAANG stocks. If markets go up then tech will lag. It's not that people don't like tech but the gains are so much bigger on the higher risk stuff. This isn't new for big downturns, it's just switched from the classic blue chips to tech as tech has taken over the world. It surprised me though, I thought as much as tech ran the last few years that it would be bearing the brunt of the downturn but the balance sheets are just so good and most of them work well with the stay at home theme.Whats interesting is we have had 2 bull markets in a span of 2 months in 2 sectors. Anaylst on yesterday afternoon was speaking about how it went down.
Tech was March thru early May. Then, with news of reopening, it cycled out of tech into travel/industry ( where we are now ) Never happened before.
Almost like tech bridged the gap ( if you will ) during the pandemic til we got to the place where things were starting to open up a bit, outlook was getting better.
Tech today seems to be keeping things in line. How long that holds is anyones guess.
I wouldnt mind a bit of correction to allow me to get back in with some cash i have accumulated over last 3 trading days with sales of BA, SPG and WYNN