Thread: sniper's Account Talk

Originally Posted by Mcqlives

This looks like capitulation setting in.

I'm not sure if that point's been hit yet, but it does seem like 'blood in the streets' is finally here. However, I'm not sure I'm ready to buy yet. You'd have to have some steel balls to catch this knife.

edit: Does look like the plunge protection team is stopping this from going below -2%, so I don't think capitulation is in yet (i'd expect it to be like 3-5% drop). However looking at the charts I have a hard time finding any bullish case. Transports (IYT) is looking especially really nasty.

Is it to soon to play "guess the bottom"?

Originally Posted by WorkFE

Is it to soon to play "guess the bottom"?

In my opinion, yes. The market is like a train or oil tanker, it takes a lot of effort (volume) to shift the trend. Right now it's a speeding train down. Sure there will be a few bounces here and there, but I wouldn't get long for more than an 1-2 day trade in this market.

That knife you mentioned? Tried catching it and am contributing to th Blood in the streets.
And then those Steel balls you mentioned?....I think one of them may have been mine....I’m not alone though so everyone watch your step for the near term.

Originally Posted by Mcqlives

That knife you mentioned? Tried catching it and am contributing to th Blood in the streets.
And then those Steel balls you mentioned?....I think one of them may have been mine....I’m not alone though so everyone watch your step for the near term.

Dang man I'm sorry about that. I'm hoping things get better for you or anyone else still invested in C or S. During these kind of market swings I don't touch the TSP at all and put more effort into swing trading. Just too much risk for my blood with the IFT delays.

The S&P is showing some fight but the thing that has me worried is the lack of it with small caps and transport sector

9 years later, we're starting to see this play out?

Always entertaining.

Now its QT - quantitative tightening.

In my time trading, I've not seen this many intraday huge volume moves. In a normal market, the heaviest volume is at the open / close. Today there was a spike near the open which raised the market, but an even bigger one later that dropped it. Algos going crazy?

SPX 12-21-18 15m.png

IWM selloff looks to be accelerating. I've been looking at charts trying extremely hard to find a bullish case and can't. Really nasty looking market atm.

Wow, I really expected a bounce at the EOD. Either by short covering or dip buyers (or both), but that didn't happen. Capitulation ready to set in? Or maybe we're at that point? Today's daily volume was higher than any day of this year or last.

Here's some good reads I recommend, for anyone into books. Have a happy holiday all, and hope the shutdown doesn't last too long.

Mindset - The New Psychology of Success - This one has been a real eye opener to me, recommended by a pro trader for a firm that actually makes their new hires read this. It totally changed my mindset toward trading as well as other things in my life.
A Complete Guide to Volume Price Analysis - Buying this one in kindle format is just like $5 but well worth the money. A good read on how to make sense of price moves and volume.
Homo Deus - A Brief History of Tomorrow - More of an entertaining read into human psychology and where we're headed based on those tendencies. Couldn't put this one down haha.

Originally Posted by sniper

A Complete Guide to Volume Price Analysis - Buying this one in kindle format is just like $5 but well worth the money. A good read on how to make sense of price moves and volume.

One way to tell if a book is going to be good is if the used copies are priced higher than the new ones.

11 New from $28.49

8 Used from $29.98