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My stock trading journal. I time the market and look for trading opportunities in stocks, etfs, and options.
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Weekly Recap

Started by StockRake · 9 months ago

This chart was posted yesterday after the big DAILY down move in the market.

This is how the same chart looks today.

Good call?
What sucked:
EJ not working I had to dump it for a 3.9%ish loss. ABAT which I thankfully got rid of yesterday for a loss as well around 5% or so.
W ... Continue reading »

3 comments

  • Sensei

    11 months ago

    Part of the total week of good calls...calling the US dollar rally ahead of the move 4 days ago.
    http://www.stockrake.com/is-the-us-dollar-ready...
    reply
  • Cole

    10 months ago

    Sensei,

    Thanks. Yes, I was able to make a nice profit on the SPY 129 calls. I made a mistake though by going in to the SPY 126's on Friday, instead of waiting until today (Monday). So I am down a little today on those.

    When looking at the charts, I am seeing a lot of overbought conditions in the daily and 60 min charts, especially on the Nasdaq. I agree with your chart that you posted, that shows we could get a big down draft in the techs once they finish this final push higher. I just don't see any compelling reasons to go long here, but if the market can sell off a little here I will be looking to go long SPY 132 calls, probably on Wed or so. What are you thoughts here, are you seeing the market overbought here?
    reply
  • Sensei

    10 months ago

    Yeh my original plan and thoughts were for some up move and then a selloff the rest of the week, but I'm now seeing the type of strength (today) that blows through those first oversold signals that we typically see.

    You know oversold and overbought can last longer than we think and I think we may be entering one of those periods as opposed to the type of market where a selloff ensues immediately after the first instance of overbought.
    reply

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