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I bought QQQQ and SPY calls early this morning, but the time horizon I have for those is measured in weeks, not minutes. In spite of that, I do not trust this rally. And anyway, it's a Friday. How nervous do you think people are going to be holding on during the weekend after a week like this?
I remain skeptical……..
There seems to be pretty much nothing holding this up anymore. One year ago, middle class Chinese were pouring their life savings into this parabola. It'll be a long time before those investors trust the market again.
Well, we opened down hard………..and we're just kind of sitting there. I think everyone has "crash" on their minds (particularly since the historic ones are on Mondays following hard-down Fridays). Judging from this chart, it's difficult to know what to do next. Symmetric triangles are virtually always continuation patterns, so the most obvious conclusion would be would slip past below these levels; but this market has been about nothing but surprises lately.
Some of you may not be acquainted with term "limit down", although most of you are. When a market is trading down so hard that the exchange itself won't allow a price to go any lower, it is limit down.
As of now, in equity futures (ES and NQ), we are limit down, having reached the thresholds imposed by the exchange. This is going to be one heck of an opening. Brace yourselves.
I was studying for Saturday's CMT exam, and I decided to take a break to see what the markets were doing. Imagine my surprise when I saw the NQ was down 55 points and the YM (the Dow 30 e-mini) was down 440. Ummm – – the ticker symbol that springs to mind is WTF. I'm glad I sold those 30 NQ contracts earlier @ 1250.
As for the Asian markets, they can at least be called consistent.
