Patiently Waiting #SassyMusings 8/5/14
- There is a bounce coming somewhere. We have had three sessions in a row with a negative 1400 $TICK and the charts I have been posting regarding being oversold are either at levels we bounce off or very close. However, as I said this weekend in my Post Where’s the Bounce Yo, it seems too many people are ready for it. It’s needs to be a little more tricky than that.
- Perhaps we gap up and run tomorrow and that was the trick. No idea, but trying to play it safe and willing to miss the exact bottom. Remember what I said about not getting caught up in FOMO this weekend. There will be plenty of opportunities even if you miss the exact bottom.
- If you have been reading this blog consistently you know in this volatility I am only looking for very short term trades with big moves. I tried a few today, but none of them really worked. I think I may have ended up a tiny bit ahead, but I’m not even counting it. I’m looking for big moves only – such as PCLN yesterday.
- I think at the least AAPL goes back up this week. I’m open to being wrong, but people want that run up into the event. Having said that I don’t think it goes crazy wild to the upside till after next weeks expiration (which is monthly expiration).
- So just putting this out there….maybe we can get a Thursday or Friday low before options expiration. Maybe even a late day Wednesday one? I’m on the lookout. Hopefully you are saving some cash for it. Sitting on your hands is a bore, but well worth it.
- I’m still thinking below is one area we could look to bounce from – chart from this weekend’s post.
- Chart of the day: If that was the bottom, it’s atypical of what we have seen.
- Tweet of the day: I think traders lost their humor recently. I’m sure it will come back when things are so dull out there. Or maybe I just lost my sense of humor. Who knows.
- Regret of the day: none
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