sniper's Account Talk

[Mcqlives]

That knife you mentioned? Tried catching it and am contributing to th Blood in the streets.
And then those Steel balls you mentioned?....I think one of them may have been mine....I’m not alone though so everyone watch your step for the near term.

 

[wavecoder]

That knife you mentioned? Tried catching it and am contributing to th Blood in the streets.
And then those Steel balls you mentioned?....I think one of them may have been mine....I’m not alone though so everyone watch your step for the near term.

Dang man I'm sorry about that. I'm hoping things get better for you or anyone else still invested in C or S. During these kind of market swings I don't touch the TSP at all and put more effort into swing trading. Just too much risk for my blood with the IFT delays.

The S&P is showing some fight but the thing that has me worried is the lack of it with small caps and transport sector

 

[wavecoder]

9 years later, we're starting to see this play out?

 

[tsptalk]

Always entertaining.

Now its QT - quantitative tightening.

 

[wavecoder]

In my time trading, I've not seen this many intraday huge volume moves. In a normal market, the heaviest volume is at the open / close. Today there was a spike near the open which raised the market, but an even bigger one later that dropped it. Algos going crazy?

 

[wavecoder]

IWM selloff looks to be accelerating. I've been looking at charts trying extremely hard to find a bullish case and can't. Really nasty looking market atm.

Wow, I really expected a bounce at the EOD. Either by short covering or dip buyers (or both), but that didn't happen. Capitulation ready to set in? Or maybe we're at that point? Today's daily volume was higher than any day of this year or last.

 

[wavecoder]

Here's some good reads I recommend, for anyone into books. Have a happy holiday all, and hope the shutdown doesn't last too long.

Mindset - The New Psychology of Success - This one has been a real eye opener to me, recommended by a pro trader for a firm that actually makes their new hires read this. It totally changed my mindset toward trading as well as other things in my life.
A Complete Guide to Volume Price Analysis - Buying this one in kindle format is just like $5 but well worth the money. A good read on how to make sense of price moves and volume.
Homo Deus - A Brief History of Tomorrow - More of an entertaining read into human psychology and where we're headed based on those tendencies. Couldn't put this one down haha.

 

[tsptalk]

A Complete Guide to Volume Price Analysis - Buying this one in kindle format is just like $5 but well worth the money. A good read on how to make sense of price moves and volume.

One way to tell if a book is going to be good is if the used copies are priced higher than the new ones.

11 New from $28.49

8 Used from $29.98

 

[Mcqlives]

Along those lines...check out abesbooks.com. Best place to get stuff I’ve found.

 

[wavecoder]

One way to tell if a book is going to be good is if the used copies are priced higher than the new ones.

Haha. I just got the kindle one, can't beat $5

 

[wavecoder]

Wow in all honesty, I expected a little bounce here especially after a gap down, didn't happen. If anything, the selling accelerated into the close again. If there's any good news to take from it, despite it being a half day, volume is still volume. Big move down on low vol so there's a chance of a reversal type action soon. But as of now the chart is nasty, it's cut after cut. There's an opinion saying that Powell's decision to raise rates prevented an actual crash, but made it a slow bleed instead. It makes sense, but still doesn't really matter for those currently holding.

This action is actually going past my predicted price target of 240, as far as I see it we're in no mans land in a fear driven market right now. The F fund is looking pretty weak despite these moves down, I might move from F to G soon, for now just going to watch. Not even touching S or C until I see some strength in the weeklies. Hope everyone's having a good holiday.

 

[wavecoder]

Theres a rip yo face off rally haha. Let's see if it holds. Not taking any new positions but will be watching closely.

 

[wavecoder]

No follow through and that's not all that surprising. Yesterday's move was one of the biggest moves in the history of the S&P, but volume was very low for that kind of day. Usually when this happens, it means the insiders aren't buying, so alarms should be going off.

 

[wavecoder]

SPX Weekly chart, looks like it might have possibly found resistance at the 200 week MA. We'll see what happens friday and if I'm brave enough to jump in lol.

 

[tsptalk]

I posted that chart in today's commentary using the 200-day EMA, but your simple moving average looks even more meaningful.

source: https://www.tsptalk.com/mb/blogs/tsptalk/4599-relief.html

 

[Tsunami]

I like to use this monthly chart for perspective. The MACD looks like it potentially has a loooooong way to fall.

Print SharpCharts from StockCharts.com

 

[wavecoder]

Very low opening vol, just had an intraday volume spike, but price seems to be consolidating still. I think there will be a bigger price movement before the day is over. I have a feeling it's going up a little more, investors are afraid and waiting on the sidelines so I'll take a chance on some SPXL

Sold the SPXS shares for 8.5% (ugh was up over 30% at one point and I got greedy, but 8.5% is still a good gain). Still holding TLT and F fund for TSP.

30m SPX

 

[wavecoder]

got out for +1.2%, more careful about these upside trades during a down trend, they can get ugly again really fast.

Might get short again if the SPX can't hold 2500, TLT and AGG look primed to break out.

 

[wavecoder]

Buying some SPXL here again. The last 2 days look to be consolidating before another move up or down, I have a feeling up to 260 before it runs into resistance again.

 

[wavecoder]

Eh, pulled out of that position, didn't get the bounce I was expecting, and SPX getting denied at 2500 again is a bad sign