Sanrith Descartes
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Investing General Discussion
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Sanrith Descartes
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So, I now have scientific proof that the markets are green as long as I keep MTTR puts hidden on my portfolio.
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Blazin
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Naming it is forboden you're going to jinx it. Just getting to my PC for the day, looks like it was some fun this morning. Exciting rally until you see we are well off of yesterday's high.
Positive - we didn't violate Monday low.
Negative - we set a lower low than yesterday and a lower high.
We are still below the 200d which will not take long to flatten out, flat 200d is not that bad but a curl downwards is no bueno. Bulls really need to show up next week, lots more earnings on deck.
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Blazin
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Wanted to add VIX is a silver lining, despite the morning sell off today's high did not exceed yesterday's despite the steeper decline. We also went lower than yesterday. A close below 28 is what we would want to see to start setting up a little more risk on behavior.
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Sanrith Descartes
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Blazin
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Stuff I'm reading says we're in for sideways chop for a week or so followed by a leg down in early Feb. Not sure I buy that, but I'm keeping some $ in reserve to look for deals. AMD is a tempting one right now for sure, but I'm not convinced we head down a bit further yet to align to its trend before the move it made in August, and not to before the move it made in October, if that makes sense.
Blazin
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Well I've explained that's my base case, but that base case includes getting a rally back above the 200d. If we can't even muster that then need to revaluate.
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Sanrith Descartes
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It needs to hold $100. Otherwise it has nothing but air down to $82 and nothing but overhead resistance going up.
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Sanrith Descartes
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Yeah, I was looking at that too. It was 103 when I was looking and resistance at 106 with support way down at 81 looks like a trap to me. I think I'll wait and see, though having not pulled the trigger on this one and NVDA back in August still makes me facepalm, sooo.... feh.
Blazin
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Yup both SPY and QQQ managed to pass yesterday's high. Very bullish close and just like I mentioned we got a VIX close below 28. Bulls are now set up for a rally week next week taking SPY I think as high as 460ish by next Friday. 450-451 could be a tough resistance.
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Sanrith Descartes
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Big Phoenix
Pronouns: zie/zhem/zer
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