This Market is on Crack Yo, Part III #SassyMusings 5/8/14
- All day long, WTF goes through my head.
- Musk had a mixed day…..TSLA taken out back, SCTY rises like the sun (except in NYC where it never rises anymore).
- PCLN almost did a round trip. Get it, “trip.” Ok never mind, lame I know.
- If you think you know something, you don’t. Or I don’t. Or we both don’t. I don’t know.
- Look bottom line, this market is really tough to trade. One minute I’m up, the next down. I would love to say that part of my surviving and doing a decent job trading this year is my high intellect and suave moves, but let’s be honest, some of it has to do with luck I presume. You know what they say, actually I don’t know, but it has something to do with preparation, luck and success.
- So far the theory that the Thursday or Friday before monthly OPEX puts in a low may be playing out. So I will keep an eye on a possible short term bottom.
- How crazy was TLT today? I was looking at the intra-day chart when it dropped. I thought my mind was playing tricks on me. I do wonder if today was a pivot point where the correlation begins to dissipate between the market and bonds.
- So today’s candle is considered bearish, but as I said yesterday, the close lately don’t mean jack S***.
- Open interest this week has actually been good at determining ranges. It doesn’t always work so well with weeklies. Next week should be good cause they are more telling on monthlies. Two examples:
- So far my AAPL call that I mentioned the other day is working. And then my SPY one is as well. Actually others are too, but won’t brag cause I know it’s annoying if you aren’t getting the information.
- Anyway, I got nothing of great value to tell you guys. You know the story….the market is on crack and take profits where you can. Trade small and DON’T over-trade.
- Chart of the day: Eventually the box will break for real. Flip a coin.
- Tweet of the day: here are two. I’ve seen the second one before by @chartlearning, but I think I failed to capture it.
- Regret of the day: none I guess
Have a good evening. One more day to go. If you are looking for some amazing set-ups and also times of anxiety holding these set-ups, feel free to subscribe :-).