Nasdaq breadth has improved a little bit, but the NYSE is now -27:1
I buy deep itm option spreads and going in very small, so even if we get another 200 point gap down, I might lose 5% of my portfolio. Then again my profit will be small as well. More of just having fun putting some cash on the line to test my hypothesis
Watch out Herm, I hope you reconsider this idea and wait till tomorrow, I am feeling it can get ugly here. Not even a small bounce whole day, I was sitting and waiting without luck. Europe closed at lows, there can be a big gap down tomorrow.
An intraday quick buy and sell might be okay but I dont recommend entering a long position now and holding overnight.
sorry about that--but you are still holding other shorts ---I sold just in time to miss the next leg--eye yigh yigh yigh!
Kudos to all those still holding their shorts--glorious day!
You managed to mess my thought process too. I was going to hold but then saw your post and thught how I missed the last run and sold all @ $6.06
I can see only one solution: you guys need to take me out behind the barn and beat the "you know what" out of me! Then I can go back to lurking and losing $ in quiet desperation . . .
Seriously though, I think we pop into the close or gap up tomorrow morning. I'm with hermanpu, this is short term overdone.
Things are still highly bullish for the SPX as long as the SPX is above 1338
The bears, however, have put some significant bearish building blocks in place.
I expect that the price should re test 1350 either the last half of hour of today (unlikely) or tomorrow (more likely).
I actually thought, however, that there had been a significant chance of the test of 1350 earlier though--even though some significant bearish signs were forming at the time.