Is the end (of this prolonged rally) Finally Here?
Whether you have been a bull or a bear since March you have to be worried about what will happen from here.
Bulls might lose if market goes down and corrects itself, Bears might keep losing money being short (unless they hedge then they are neutral players).
Here is a chart of the S&P futures that I found interesting how it topped around 3:31Pm at exactly the first Pivot Resistance (R1) or 1007.75. It's been downhill from there so far.
Have we finally reached the turning Point? (Click to Enlarge)
As I write this the ticker is heading towards 997.75 which is the first support for Friday.
UPDATE: WE HAVE HIT the first support line of 997.75 and might bounce or crash through.
Update #2: here I am 8 hours later and the futures have made a 360 degree turn. They now hit R1 (red line) of 1011.25.
What do you think? I am also long the Volatility Index (VIX) Via September 40 calls (got long today) because I think we are entering volatile markets again and that would be great.
-K
10% Gain in a day when people panicked
This is feeling like a monthly posting but I assure you I'm getting back into it as I have finally started making trades again.
I just made 10% of $1000 in 1 day. (small position)
Bought GE yesterday morning at $20 sold at open today for $22.25.
After I bought it yesterday I went to class and never followed it. Today I just sold it. So in 5 min. work $100. The market is still not stable and won't be for a while so I will make plays like this often.
Earnings for Q3 have started and Bank of America blew it. If more blow it then the market will be very volatile for a while. I love it. How have you done recently?
Below is the Profit triangle I drew around my GE purchase.
Good Luck and I hope to resume regular weekly (at least) postings.