so I am holding 3 ba calls right now. Bought a few spy calls when things were tanking and sold for a nice profit.
Ahh shit, did we just pick the best day to get lucky or what? BA up 4% after hours. Crossing my fingers on this one.
I hadn’t really paid attention to it since back when he first started it bc I thought it was interesting he left fb. Looks pretty legit. Might just have to buy some shares.
Well Hank says the end is now near, we hit the wave C of wave 2: The markets rallied early yesterday and then gave back some of that gain into the close. The Dow finished up 329 points, closing at 27,782. The NASDAQ and S&P were up 82 and 28 points, respectively. Volume on the NYSE was low again, coming in at 82 percent of its 10-day average There were 70 new highs and 14 new lows Yesterday’s rally was likely wave 'c’ up within an a-b-c retracement for Wave 2 up. If I’m correct about this wave structure, the Dow should begin a significant decline once wave ‘c’ of Wave 2 up completes. This could happen sometime later today. The reason I say this is because the recent retracement rally that started from last Friday’s low of 26,537 has all the characteristics of a classic a-b-c retracement. Wave ‘a’ up of the retracement was a complex structure that took the Dow to the 27,700 level. Once this wave completed, the wave ‘b’ pullback into Wednesday took 300 points off the average dropping it to the 27,400 level. Then the impulsive, straight up, rally that took place after that into yesterday’s high took the Dow to the 28,000 level, before pulling back. In other words, the retracement sequence from last Friday’s low of 26,537 followed the Principle of Alternation almost perfectly, with wave ‘a’ being complex and wave ‘c’ being simple. This characteristic signature, which consists of a complex wave followed by a simple wave, is one of the things technicians use to identify retracement waves. A-B-C structures are NOT something you find at the start of a new rally phase. So once wave ‘c’ up completes, like I said, it could happen today, the Dow should start a major wave 3 decline that should last for several weeks. This decline will be a Wave 3 of Major Wave 3 down. It should take to down back down toward the late June lows near 25,000. I remain on Full Red Alert as the market completes its current Wave 2 retracement rally. The Market Timing Indicators for the Major Indexes are Neutral. The Dean's List remains Negative, with a Neutral Tide. This is normal for a market in the process of making a corrective rally. Same for the Sector Ratio which came in at 13-11 Positive after yesterday’s session. Once the market begins to decline again, the Sector Ratio should begin to turn Negative. The top five strong sectors were Service, Retail, Transportation, Consumer Products, and Household Products. After yesterday’s session, 9 of the 13 Strong Sectors has RS ratings of 1 or zero, which tells me the strong sectors are not that strong. The top five weak sectors were Energy, Autos, Banks, Media, and Healthcare. There were NO CHANGES to the Model after yesterday’s session. The Model continues to hold trial positions of 1,200 shares of TWM, 1,600 shares of DXD, 800 shares of QID, and $43,651 in cash. I used the Scalp Trading indicators to generate $1,720 of profit yesterday, buying DXDs and SQQQ and shorting a few shares Apple (AAPL) when the indicators gave say so. The trades were triggered near the 14.15 mark. I simply noted the large negative divergences that were building all day on the 30 minute bars as the market moved higher, and then began putting on the shorts once the volume indicators turned negative on the short term bars. If the market opens higher today, I’ll look to re-establish some of the short positions I sold at yesterday’s close. Because the markets appear close to completing retracement Wave 2 up now, students should pay attention to what’s happening on the 30s. If the 30s turn negative, it should only be a matter of time before the 60s (Position Traders) and Daily’s (End of Day Traders) turn negative. If they do, these traders might want to look for opportunities to establish inverse or short positions. Again, Wave 3 down could drop the Dow initially to the 25,700 level with 25,000 being the target established by the Ending Diagonal. Because the patterns for gold and Bonds are not clear now, I’m mostly focusing on the equity markets. If you put a gun to my head and asked me about gold, I’d say it’s about to start a Wave 5 rally that could take it above the 2,070 level. The recent Wave 3 high made on 7 August was 2,072. So, if the Wave 5 rally begins, this high should be exceeded. But right now, there are way too many other vehicles to trade with much clearer patterns and greater odds for success, so I’m putting the metals on the shelf …for now. That’s what I’m doing. h
Out of BA calls and waiting now. 338.5 rejected hard again so the possibility of swinging back much lower is there. Be careful buying dips here. May test 331 again. Up/down is 40/60 and volume is not massive on this downswing, but remember the size of the swings last week. Could be seeing more of the same. Will wait to see some actual buying around this 335 area before hopping back in.
ALLLLL the cheaper 4K tvs have it and people are upgrading so they are selling. I assume the TV manufactures like VIZIO pay some sort of fee to put the software in the TV.
The fact that you say be weary and Hank is calling for another dip tells me calls are not a great play right now.
Yup. I can no longer fathom paying $1700 for an LG/Sony/Samsung, when I can get almost the exact same technology for half the price in a TCL. And quite frankly, the Roku UI is awesome.
I bought a $500 4K tv for the pool that I would gladly buy again. The Samsung for same refresh rate, HDMI ports, yada yada was like 1,200
I saw on the CNBC ticket that JP Morgan and like 3 other companies furloughed today as well. Disney dropped the bomb on a good number of workers yesterday.
Yeah the supports below are all pretty much butter at this point, so it's hard to say when any sustained selling would stop. Makes it hard to even scalp the bounces. Was feeling 342 could be in play (and it still could be...I can't predict these things), but this is yet another reversal/bull trap. Very bad feeling seeing so many of these in such a short time frame. It's slowly flipping back 55/45 up/down now. Think I'll take a nap through Euro close as those Euros love to sell as well.
Past two months have been great. September was pretty rough to begin, but turned around within the past week.
TVs are a commodity these days. Hardly any differentiation between brands. ROKU is trading at that multiple bc of the subscription numbers (which they give away). Valuation 101
At what point do the oil names start to become decent investments or is that never going to happen again? XOM is a couple bucks away from its march low. VDE is yielding 7%.
Gotta think they'll rebound whenever COVID gets dealt with. They're on my watch list, and they're expecting to past another quarterly loss.
I don't watch TV and haven't really even thought of buying one in over a decade, so I guess that makes sense if it's installed on a lot of the cheaper ones. I just looked at it like "streaming service" and look at Netflix and Amazon Prime and think how the F can anyone compete with those juggernauts.
BA really getting pushed down again today. Too many people in weekly calls from the looks of it. Volume and OI really blew up this week. Also looks like SPY 335 level held. I am guessing way too many people keep trying to short the dip and they are keeping us buoyant right now. About 70/30 up/down ratio right now.
I’m the opposite, feel like it’s perfect for folks that have satellite or cable still but do a lot of streaming. agree on the TVs though, just got my dad a 58” 4K UHD connected ROKU tv for like $268
https://www.walmart.com/ip/Hisense-58-Class-4K-UHD-LED-Roku-Smart-TV-HDR-58R6E/479239112 I was off by 10, $278
bought $26 slv nov calls and $25 sqqq 10/9 calls yesterday might be the first non-dumb thing i’ve done in a while. can’t wait to find out how this blows up in my face
My plan this morning is to sit back and watch this shit show today and see if any patterns emerge. Nothing I have expires before Jan. Would rather not light money on fire today.
Getting my first taste of being assigned on a covered call today ... DKNG Oct 2 40 calls waaaaaaaaay in the money. I'll still profit on those shares with a basis of $31.39, but a painful experience nonetheless