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05-11-2022, 11:03 AM | #12916 |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
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There is no news that will turn this market around until everyone gives up and there is a purge.
This has been death by 1,000 cuts. I see the housing market gonna topple over in the fall just before winter. Then recession for 2023 |
Posts: 52,112
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05-11-2022, 11:07 AM | #12917 |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
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Too much negative things intertwined; high oil, bad US administration, war in Ukraine, China COVID lockdowns, super high inflation, credit card debt surging, rates heading higher.
One more bad event or issue will kick this market in the balls. I think that will be the housing market. |
Posts: 52,112
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05-11-2022, 12:47 PM | #12918 |
Fish are scared of me
Join Date: Nov 2001
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I'm gonna have to put off retirement for another year.
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Posts: 40,779
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05-11-2022, 12:48 PM | #12919 |
MVP
Join Date: Oct 2011
Location: Chandler AZ
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Wow. Haven't placed a single trade today, just sitting on my hands watching the carnage. Almost grabbed some Tesla $850 calls after the opening dip, thank Almighty God I didn't pull the trigger. Yikes
Wonder if this is finally capitulation, or just a warmup? |
Posts: 13,589
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05-11-2022, 01:06 PM | #12920 | |
Fish are scared of me
Join Date: Nov 2001
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Posts: 40,779
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05-11-2022, 01:26 PM | #12921 |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
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Might finally hit a real bear market.
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Posts: 46,069
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05-11-2022, 01:33 PM | #12922 |
MVP
Join Date: Oct 2011
Location: Chandler AZ
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It has cracked 2 major support levels today, 3 if we're being technical (pun intended). Could this be the bottom? Yes. No. Maybe? But there's a saying about trying to catch a falling knife. Next support level is between $138-$140. If $138 cracks, the next level of support is ~$123. |
Posts: 13,589
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05-11-2022, 01:36 PM | #12923 | |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
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Posts: 52,112
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05-11-2022, 01:42 PM | #12924 | |
Fish are scared of me
Join Date: Nov 2001
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Posts: 40,779
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05-11-2022, 01:43 PM | #12925 |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
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S&P must hit about 3840 for a bear market? About 2.5% from here?
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Posts: 46,069
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05-11-2022, 01:43 PM | #12926 |
MVP
Join Date: Oct 2011
Location: Chandler AZ
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AAPL is an interesting 1-minute chart to watch right now. Keeps trying to crack $146 but dip-buyers are bouncing it. Tug-of-war going on. If $146 cracks it's going to take out a lot of stop-losses, all the dip-buyers will be out, and it will speed up to the downside.
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Posts: 13,589
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05-11-2022, 01:45 PM | #12927 |
Fish are scared of me
Join Date: Nov 2001
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I would think Apple is the largest holding in mutual funds/ institutions across the board.
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Posts: 40,779
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05-11-2022, 01:52 PM | #12928 |
MVP
Join Date: Oct 2011
Location: Chandler AZ
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$146 stop-losses just got taken out. Now we'll see if the HFT algos start buying and reverse it, or if it fades to $140.
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Posts: 13,589
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05-11-2022, 02:04 PM | #12929 |
MVP
Join Date: Oct 2011
Location: Chandler AZ
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Grabbed some AAPL 5/13 $140 puts for 52¢ right here just for fun.
Not much of a closing bounce even though tons of shorts were likely covering. I think it tests $140 tomorrow, but if I'm wrong my position is small enough not to matter. Risking a couple hundred to potentially make a couple thousand. |
Posts: 13,589
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05-11-2022, 02:07 PM | #12930 | |
MVP
Join Date: Mar 2019
Location: KC
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Posts: 7,497
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