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US Equities Tumble After Greek Talks Cancelled
Between the 'good' news on US macro and bad news from Europe (Greek-EU talks cancelled), it appears investors are losing faith in The Fed for a brief moment...
Perhaps "Sell In May" after all...
Charts: Bloomberg
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If you don't buy this dip, you've not been paying close enough attention the last few years.
Unfortunately, I reluctantly agree with you...rolling out some hedges here with this gift of a drop....This market sucks...you have to lock in the drops..can't wait till the good old days return
TNT avatar???!!
Yes, I have a passion for ChemE...and AC/DC...and margin called bankers jumping from windows, hence my namesake
Throw those pathetic Greeks out of Europe already.
Longer-term merit in your thesis; however, post-holiday trades the day after a low-volume vapor-ramp often come with strong selling, and it's likely institutional dip-buyers won't step forward till the 100 DMAs are hit, 300 Dow points from Fri's close. The key will be the action at the 20/50 DMAs in between, likely to take hours to work out, for evidence old habits are dying.
A large block ordr on the 92 TNA weekly Puts went off just after the open 400 contracts at $4.30 so $172,000. That was pretty smart money...they are now worth 6.10 so nearly 50% gain in 30 minutes.
Unless that was an order to close on the OI of 445, but I doubt that was the case...wont know for sure until tomorrow. I hedged my 90's with the 87's a wee bit early, but got to smoke them when you get them. I'll be watching lower strike puts or calls for that matter for anything of similar size to see if that smart money on the open is any good at calling a reversal.
Love your logical approach to take what's given rather than bet the house. Went leveraged short the QQQs very early w/ 1/2 account posn, but won't likely add unless it comes back above VWAP. Interesting to see whether IWM can scare perma bulls by going below the 100 DMA today, if it does DIA will be at the 50, and the other 2 indices between 20 and 50 DMAs. A strong afternoon bounce to end closer to the index 20s would show bulls confident, otherwise we could see everyone below 100s by week end.
Bears like me can't stay alive betting the house...just happy to make money these days. I'm keeping an eye on that 100day as well, we hit it, I am going to give it a chance for some over shoot but if the daily RSI starts to turn up at all, I may take a long call position for a bounce....but only with houses money and only for the chance to roll a hedge out against it after significant appreciation. Good luck today, this may get interesting
Makes sense. In fact, as an intraday-only guy I'll be looking at volatility (VXN, RVX, VIX) for evidence of hedge unwinds, any VWAP bounces w/o corresponding sustainted volatility pullbacks could be suspect and opportunity to add to shorts for full-day (i.e., 3:28 p.m.) trades. Happy trading
Well, folks are losing faith in the Fed for what... the 100th time? Personally, I didn't know there was faith in the Fed... but what do I know? Meanwhile Gold and Silver smashed... all makes perfect sense to me... God, I love the free markets.
After nearly a decade of institutions feeling they had to buy equities & w/ Europe/Asia QE still in force, may not be a sudden change in Fed-worship, but a new, strategic numbing to their rhetoric, making sure they can get "off the bus" (in a Ken Kesey sense) before it stops.
For those on the sideline the past 6 years, right now is the perfect time to enter the stock market. I just so happen to have some Greek and Portugese bonds for sale at the moment as well. Those would compliment your portfolio nicely. PM me
No. You sell your PM to me at current prices :)
but but but I'm sure the nice men on TV said a Greek default is bullish.
Actually they might be gaining faith that the Fed really will start winding down the last of the "extraordinary measures" ...in spite of the so called recovery both here and around the world.
Let alone "the Peace Dividend."
All except for HAMP.
That piece of crap still a work in progress?