Interesting Stock Market Chartist Talk
 

The S&P closed under a key support level of 2142 yesterday.
It's been trading sideways for almost a year now.
If it closes below 2142 on Friday, it can go south pretty quickly.
I'm not sayin', I'm just sayin', you know what I'm sayin' ?

It's about time....

Maybe they think Hillary is going to win and are shorting America.

You've been sayin' that for more than a year. Earnings are up, capital reserves are up, participation in the market is up. If there's any 'down', it's the election, and that's all but decided. So...

Actually revenues are down but earnings are up

#HILLGOBBLESATTHENYSE

one theory:

HSBC: RED ALERT ? get ready for a 'severe fall' in the stock market - Business Insider

sold some winners a few weeks ago, waiting for the election to be over and then see what we want to do.

Yes. I have.
At least someone is paying attention.
The year started at S&P 2012 and the top so far was 2193.
I've been in cash, so on paper, I would have foregone 181 points on the S&P for the year to date. Bummer..... I'm up .15% which is peanuts, but with no risk.
I'm not telling anyone how to plat their money, I'm just stating a fact.
2142 is an important number. 2000 is the next one.

The economy is flat. I'm about half in income so I'm making something. I've got some cash in waiting in case of a drop. I think this is the new normal. I don't think the data supports a significant event.

Sitting tight......waiting.......patiently.......:)

This past year, I played a few hunches along the way that paid off well.
I'm up about 125% YTD.
Sometimes just dumb luck I got out when I did.
Everybody likes to think they're brilliant with their calls but stuff happens out of the blue that kills individual values and other times folks just get into a rut of punishing a stock that is actually performing well.

Also seems to be a lot of folks with serious market experience that will admit they don't know how to read the market as of late.
They almost all agree that she has ballooned though.

With the election coming up I'm about 70% cash now.
The big one I'm in is a long term play that won't be affected much if at all.
Scott

You have my attention, what'd you do, may I ask..?

Short, risky and pricey option plays. My wife is the market genius in terms of timing the deals. I seem to have good hunches and/or dumb luck. :Jeff '79:

We have accounts that we take mild risks with and then we have our "casino" account that we take the big risks with. As you'd guess, it is less than 10% of our total portfolio.

I bought in heavy on AMD when it was ~$2.40 and sold it just off peak at $7.50. Held the options for less than 3 mos.

Did the same with Apple when everybody was bagging on it. Jumped in on a strike price that was only a few bucks more than it was already trading at.
Cost was only $2/share. It rose almost $10/share in the 2 mos I held it.

I've also made some bad calls due to oil going the wrong direction and doubling down on a tech stock that I have wood for. :slap:
I still think my tech stock will bounce back but that is a longer play.
Scott

I've also been doing some options trading lately; I've made thousands...and I've lost thousands. I'm about break even. I'm learning from the experience, hopefully more successful in the future.

Yeah, I've had more than 1 financial advisor tell me that most folks lose money on options.

The hardest part for me is timing the sale. I either hang on too long or don't buy a long enough window and the stock blows up 3 weeks after they expire. :issues:
Scott

Bought Smith&Wesson at 10, sold at 28. That was nice.

My problem is knowing when to get out when I've been wrong. I seem to lose as big as I win.

Interesting how the price by volume indicator lines up with obvious support points. Nowhere near a sell though, IMO.

*That chart is self-updating.

http://bigcharts.marketwatch.com/kaa...720&mocktick=1

So now what?. The S&P tried to stay above 2142 today but failed by 10 points, closing at 2132.
The resistance has finally been breached and closed under.
That's a sell in my book.
The trading range for the last 4 months has been from 2150~ - 2180~ , more or less.
Today's close breaks that trading range to the downside.
Will a trend form?
There is the $500k question...

Last night Netflix (NFLX) gapped up from about 99 to almost 119...we own 105 calls...

...woot! :woohoo:

:hurray::hurray: Nice !!!