Thread: sniper's Account Talk

Got an SPXL buy order that's close to triggering (46.70). Looks like for the short term we're going to run up, but also looking to exit within the week.

Intermediate term I'm leaning bearish. The SPX and Nasdaq have held the 200MA, but IWM has not, by a long shot. I won't be suprised if this is a short term bounce before going off another cliff, we'll see. Though failing to hold the 200MA is usually establishing a down trend, which I would already say the IWM already has. Same goes for IYT.

Buy didn't trigger so still on the sideline, that little rally ended in a whimper lol. SPY ended below the 200MA which is not good for keeping the uptrend intact, close to confirming the downtrend if it hasn't already.

I've been bad at calling downtrends historically though, so who knows. I've yet to trade in a bear market though, so I do have to say if this is the real thing, it's a pretty interesting time for me.

Just got an email saying TSP FUNDS ARE DROPPING FAST, message body was a bunch of doom and gloom about being overdue for a correction...

Time to buy?

buy on SPXL triggered @ 46.70, up almost a dollar from there. We'll see where it goes from here, probably will look for an exit around 49ish.

Still really keeping an eye on small caps and trans, since those being under the 200MA worry me. But they're both showing some fight at least right now.

SL set at 46.17, going to let it ride for now. Gotta love the stock market

Got out of SPXL for a 2% gain. Not liking what I see on the 5day charts for short-term momentum. Setting a buy stop for SXPS at 24.28.

Looks like the rally is either running out of steam or not knowing where it wants to go.

Bulls need to hold that 200MA on the S&P or it could be bad news bears. The level's been breached today.

This market sure loves drama doesn't it? Nothing like parking near the 200MA on a Friday, right before some big dogs have to report earnings. We'll see what happens

Have a good weekend all!

Not a strong showing by the bulls today, here's what I see on the 5-day chart (short term). Upper resistance has yet to be broken and held, which needs to happen if we're going to make any reversal. It looks like soon it'll try again, but I'm expecting more down side. Failed to break out on Friday and also this morning, so I think this little rally is running out of steam.

​SPY 5-day
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But heck with this market who knows? Things could easily change with strong earnings reports However, I'm not liking the market as a whole, everything is being held up by large cap stocks. I've read that in the last days of a bull market, large caps outperform small caps, and that's been going on for a while. Trend change to the downside is looking more legit.

SPX ended today at -.45%, on a very low volume day. Have the bulls given up the fight already? In the last hour, it broke over the upper resistance line, only to be taken back down in the last 30 minutes. Sellers look like they control this market at the moment.

Bear flag or Ascending Triangle / W pattern? Depending on price action I may exit my short position in SPXS (edit: Sold it for a 5.5% gain). Wouldn't be surprised to see a relief rally going into tomorrow, but not planning on getting long. My system doesn't do trades against the trend, and I think it's safe to say the markets are in a downtrend right now.

edit: Looks like the latter, markets are moving back up. I think it wants to fill the gap & we'll see what happens from there

SPY 5-day
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