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NASDAQ

Discussion in 'Short Term General Market' started by stockbutterfly, Dec 31, 2017.

  1. vidarslien

    vidarslien Well-Known Member

    Location:
    Norway
    We are moving into 3-std territory, which should statistically occur only approximately 1% of the time, or in other words, only a few days every year. Furthermore, the SPY RSI sits at 80. No less.

    As I said, it feels like the market can only go in one direction - up. Especially as I am sitting on some short positions in the IWM and SPY, this is frustrating. But it will only go on for so long. Statistics are statistics and records are records for a reason, and the further the advance, the stronger the snap back, I would presume.

    According to fundamentals, the valuations are stretched, and according to various technical analysis, a correction is imminent, so I am waiting as both fundamentals and TA aligns - but I'm not holding my breath...
    forestg likes this.
  2. vidarslien

    vidarslien Well-Known Member

    Location:
    Norway
    I'm no TA expert, but I presume the distinct turn today is not exactly a bullish signal. Or what do you reckon, forestg?
  3. vidarslien

    vidarslien Well-Known Member

    Location:
    Norway
    And there it turned back up, so then I guess the bull is i full swing again..
  4. forestg

    forestg Well-Known Member

    Location:
    Planet earth
    Well.... it could be but we have seen this "buy the pullback" enough times that I'd rather wait to see if we get a couple of lower lows and lower highs first and see more conviction on the selling. Getting a pop on the VIX wouldn't hurt either. The channel that I send you was pierced today at the highs but we closed right back in it. So I'd like to see some continuation on the selling for this to be a blow off top.
  5. forestg

    forestg Well-Known Member

    Location:
    Planet earth
    I'm back in pre-market SQQQ at 18.10.... at minimum it should close the gap close from yesterday.... if it breaks $20 it could see $22 which will be a new year high...

    edit: sold at gap filled at $18.39...
    Last edited: Jan 17, 2018
  6. vidarslien

    vidarslien Well-Known Member

    Location:
    Norway
    One obviously need to let the bull exhaust itself and run until there are no buyers left..
  7. forestg

    forestg Well-Known Member

    Location:
    Planet earth
    The bull seems to be inexhaustible and the buyers keep buying every pullback.... :(
    Last edited: Jan 17, 2018
    palmer_md likes this.
  8. forestg

    forestg Well-Known Member

    Location:
    Planet earth
    Are you still holding TQQQ??? The last 2 days were brutal...
  9. palmer_md

    palmer_md Active Member

    Location:
    Hermosa Beach, CA
    Yes, I'm still holding my TQQQ. I thought about selling when it was at $180, but I still feel there is some up left in this run before the "big" fall. I wish I would have sold...my thought was at nearly the peak. So today I decided to still just sit on it. I'll take it day by day until I see the momentum go up as I feel it will. Its at 150 today, 30 points above my purchase price, and 30 points below the peak.

    I do like the way my JASO has done over the past few days. I'm still just sitting on 12k shares waiting to see what will happen with this buyout...the last few days have been promising.
  10. palmer_md

    palmer_md Active Member

    Location:
    Hermosa Beach, CA
    not looking good this morning so I got out. had a pretty good gain on this, but not as good as it could have been. such is the stock market.
  11. forestg

    forestg Well-Known Member

    Location:
    Planet earth
    Nobody got poor taking profits... did yoou sell both TQQQ and JASO? Cause JASO acted weird today but still above the buyout at $7.55... barely...
  12. palmer_md

    palmer_md Active Member

    Location:
    Hermosa Beach, CA
    I'm just sitting on JASO to see what happens. If this ends with me getting the $7.55 so be it, but I think there is still a small chance something might change to raise the offer.

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