I just bought a large PUT position on symbol GLD. I think this gold panic has run its course. The $IRX chart, by the way, continues to amaze me. What a day! What a day!
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
VIX at Nosebleed Levels
January 23 Returns?
I sold my RUT puts (acquired today and, amazing, capable of yielding a handsome profit) and got into IWM calls with a stop at the day's low of 67.64. The Dow chart was pretty compelling for me (in terms of looking for a bounce). Looking at the IWM chart, I think we are revisiting January 23rd. That is – – – hitting a major Fib level and, the next day, going a little bit below that level before pushing off higher. Notice the highlighted areas below.
Major Dow Bottom?
The Dow 30 is almost exactly at its 78.6% retracement, which, as you can see, has been an important support or resistance level in the past. This might be significant.
Of All People……….
In spite of the numerous posts, I am really busy here, so I haven't had any chance to read any of the comments. It's pretty humbling to jump up and down about being bullish on the NDX yesterday when, yet again, the market is falling to pieces. Of all people, you think I wouldn't succumb to any bullish temptations. But I did, and it cost me.
Not to say I entered the day a pure bull. I still had about 40 puts, almost all of which (obviously) are doing well today. But I got hit in the gut pretty hard with some of my bullish players, and much worse, the opportunity cost of NOT taking advantage of the marvelous run-up in the $RUT yesterday afternoon was regretable.
Maybe the lack of sleep is starting to affect my judgment!
