Investing General Discussion

Jysin

Jysin

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Premarkets looking very red. Have to be extra careful in this type of environment, as we essentially just put in a lower high on the daily chart. If we start stepping down like this, it could be the start of the much anticipated correction. Lots of external factors baked into this one. (Supply chain issues, Evergrande, China outlook, energy crisis in Europe, etc) It's these types of catalysts that can get the ball rolling to a down trending market. We've basically rejected the 20D & 50D moving averages yesterday on SPY.

*edit* For clarification, dips have been bought hard for the last year+.. until this sentiment changes, we project higher, but when we start running out of dip buyers, absolutely look out below.
 
Jysin

Jysin

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Shonuff said:
I knew I should have shorted it yesterday.
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Don't micromanage / over-focus your trades. Everything is "clear to see" in hindsight. Stick to your optimal setups. Shorting some of the strongest names in the market can really bite your ass, especially holding this stuff overnight. TSLA is only down because the whole market is shifting to risk-off and some overnight news headlines. Trading overnights when external factors can drive the price in either direction at a questionable time in the overall market doesn't sound like an ideal trade setup at all to me. Closer to gambling.
 
Shonuff

Shonuff

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Jysin said:
Premarkets looking very red. Have to be extra careful in this type of environment, as we essentially just put in a lower high on the daily chart. If we start stepping down like this, it could be the start of the much anticipated correction. Lots of external factors baked into this one. (Supply chain issues, Evergrande, China outlook, energy crisis in Europe, etc) It's these types of catalysts that can get the ball rolling to a down trending market. We've basically rejected the 20D & 50D moving averages yesterday on SPY.

*edit* For clarification, dips have been bought hard for the last year+.. until this sentiment changes, we project higher, but when we start running out of dip buyers, absolutely look out below.
Click to expand...
So which would be a better short, SPY or QQQ?
 
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Shonuff

Shonuff

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Jysin said:
Don't micromanage / over-focus your trades. Everything is "clear to see" in hindsight. Stick to your optimal setups. Shorting some of the strongest names in the market can really bite your ass, especially holding this stuff overnight. TSLA is only down because the whole market is shifting to risk-off and some overnight news headlines. Trading overnights when external factors can drive the price in either direction at a questionable time in the overall market doesn't sound like an ideal trade setup at all to me. Closer to gambling.
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I know, but I believe TSLA is grossly overvalued. It shouldn't be worth more than 500 a share.
 
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Jysin

Jysin

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Shonuff said:
I know, but I believe TSLA is grossly overvalued.
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I am not disagreeing, but a ton of market participants got eaten alive by shorting the same narrative 4x current price levels ago.

Just be careful making contrarian bets when a name has a huge cult following and dips are bought relentlessly. The further we move back to all time highs, the more fomo gets piled on and you are just trying to swim upstream against the current at that point.

Just suggesting you tread lightly getting too committed into shorting one of the most irrational names in the market.
 
Shonuff

Shonuff

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Jysin said:
I am not disagreeing, but a ton of market participants got eaten alive by shorting the same narrative 4x current price levels ago.

Just be careful making contrarian bets when a name has a huge cult following and dips are bought relentlessly. The further we move back to all time highs, the more fomo gets piled on and you are just trying to swim upstream against the current at that point.

Just suggesting you tread lightly getting too committed into shorting one of the most irrational names in the market.
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Some poor soul is going to buy at 850, just to find he'll have to hold for a year to break even.

TSLA is irrational, but they'll lose interest and it will plummet.
 
Jysin

Jysin

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Shonuff said:
So which would be a better short, SPY or QQQ?
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This is not a trade I would be willing to take at this point. We can honestly turn either direction sitting here mid range of 20th's dip and 23rd high. Too many external market factors happening right now to guess where we go.

I know you are an active day trader too, but taking overnight swings of the indexes is just not at all advisable where we are sitting right now premarket.

This is a time of "less is more" trading. Part of being successful is knowing when to sit on your hands and be patient. Doing nothing is a strategy.
 
Sanrith Descartes

Sanrith Descartes

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Shonuff said:
Some poor soul is going to buy at 850, just to find he'll have to hold for a year to break even.

TSLA is irrational, but they'll lose interest and it will plummet.
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I think they were saying the same thing when it was at $250 pre-5x split.
 
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Sanrith Descartes

Sanrith Descartes

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My input on today's action. On a down day individual stocks go down with the tide. Find the good being tossed out with the bath water. A down day for the Nasdaq means a down day for stocks like NVDA.
 
Shonuff

Shonuff

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Jysin said:
This is not a trade I would be willing to take at this point. We can honestly turn either direction sitting here mid range of 20th's dip and 23rd high. Too many external market factors happening right now to guess where we go.

I know you are an active day trader too, but taking overnight swings of the indexes is just not at all advisable where we are sitting right now premarket.

This is a time of "less is more" trading. Part of being successful is knowing when to sit on your hands and be patient. Doing nothing is a strategy.
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I don't really make trades premarket any more, I learned the hard way. In the last month, I made one premarket trade on JETS. I'll go to see my crews at work, and then see what we have.
 
Shonuff

Shonuff

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Sanrith Descartes said:
My input on today's action. On a down day individual stocks go down with the tide. Find the good being tossed out with the bath water. A down day for the Nasdaq means a down day for stocks like NVDA.
Click to expand...
Yeah, but Imma short everything down first, and then buy at opportune times. Why only make 50% of the profits?
 
Borzak

Borzak

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Energy ETF that I'm not in is up 15% in the last 4 days. No idea why in the least. Normally I have some idea. Mostly big name oil refiners and service companies. FENY, more clown world money I guess. Well oil broke $80/barrel but sitll.
 
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Jysin

Jysin

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QQQ (Nasdaq) at lowest levels since July. This major pivot of ~360 on the QQQ is providing support (for now).
 
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