FUGLY! – 3/13/14 SassyMusings

Screen Shot 2014-03-13 at 4.02.02 PM

As opposed to yesterday…..

  • Ugly day. If you have been following my blog all week, then you know I should have stuck to my original thesis, which is that we would get to 183 or 185. Alas, the market never makes things easy and I closed my puts yesterday morning.
  • Today I tried some SPY calls a little below 186, but my stop was taken out super fast. That’s when I dug up the chart of the day (see below), and took in all the evidence (weak bounces, not seeing a lot of call buying in options, low tick readings, the whole delta hedging thesis I mentioned all week, etc) and realized we could easily have another leg down.
  • I got stopped out of a couple swing positions, but other than that just sitting on my hands.
  • As you know I’ve been a big fan of AMZN making a comeback. I still think it has a lot more upside. Yes, I also still like TWTR, even with today’s whacking.
  • Today was the Thursday a week before monthly expiration, which often puts in a low. So will we rally big tomorrow as we did in the chart below? Your guess is as good as mine.
  • Chart of the dayScreen Shot 2014-03-13 at 4.01.10 PM
  • Tweet of the day: no one made me laugh. it’s on up days that I usually see the funny tweets.
  • If you missed it earlier I updated all the momentum stock open interest graphs here. These do not include any of today’s trades.
  • In other news: Starting April I will be starting a subscription. Part of it will involve the type of analysis you have already seen by me, but it will also include a lot more (yes I know, I know, everyone is starting one, but that doesn’t mean anything to me. Capitalism at its finest). If it’s something you would be interested in learning more about please email me at rsassy.spy@gmail.com.