Intra-Day Update: Chance To Reload
UPDATE 10:05am EDT: I see the Yen drop slightly and the TNX is making new highs. YM is nearing a pivot of 8560, ES at 900 – I think we might get ourselves a little rally here. Wait… for…. it – I just grabbed some POT, which I regret, could have gotten better entry. I’ll sit out the rip and reload on my favorite candidates. As I’m typing this we’re pushing through 8571 – next pivot at 8800.
UPDATE 12:20pm EDT: Yen pushing up strongly now and pushed through the 1.0310 pivot. Stochastics looking good as well – good probability equities will keep dropping. TNX also decending and has given most of today’s gains. Might be a fake-out, but all we can do is to trade what we see on the chart. I just grabbed some DIA puts for shiggles and giggles. BTW, who are those asshats who keep buying AMZN?
UPDATE 12:27pm EDT: IF the Yen breaks 0.0104 today (or tomorrow) all hell is going to break loose. Good chance it’ll bounce back, but if it does strap on your helmets.
UPDATE 12:36pm EDT: Yen is on FIRE. We might be getting close to the big one – it’s at 0.0104 – if that holds we’ll see a monster drop today.
UPDATE 13:47pm EDT: Berk here…the answer to what the stocks GNK, BG, FSLR, MA, ICE, CHK, and CCJ all have in common is the ATR. Average True Range. You should bring up a ATR(10) on these puppies, and you SHOULD see why I like them… These stocks are AVERAGING between 10% and 15% a DAY!! If you trade options, you want to trade stocks that move. This is a great way to find them. I will touch more on this a little later, but right now, just know that big move = big money!! That’s the way I play. Nobody correctly answered this, but I give credit to Archangel with “positive beta” as being the closest answer. Would also have accepted stocks that I am holding puts on RIGHT NOW (surprised none of you got that). Thanks for playing…
UPDATE 2:07pm EDT: That should be our theme song for today:
UPDATE Closing Bell: Looks like Erik got his wish. I did grab some DIA calls once we breached 8580 on the futures. Still holding all my puts though – when I see the market push up 480 points in the last 30 minutes I know where it comes from, which is institutional buyers (i.e. primary dealers under the direction of the PPT). It won’t make a difference though. Bad earnings and chaos is going to keep making headlines.
I’ll do a brief market forecast later tonight. Right now I’m completely worn out – need to kick back a little and not think about the markets. Had a good day though – less profits than 1/2 hour ago, but not bad at all for a days work 🙂