{ "media_type": "text", "post_content": "Getting sick of selling the market, watching it go my way, and then roaring back. So, I went back to revisit the daily. Could we be trading an extension long? Is that the reason why this market is going up? In Mid-June, we sold off to 2394 in ES. We can back for a 2nd test in early July but, rallied and we have rallied ever since. 3375 is the objective, 125 points away, and right at old highs. Do we have to goto old highs before a sell off? Maybe? Buy the 21 (yellow) and 51", "post_id": "5f161bb5fefbf3002265fd3c", "reply_count": 15, "vote_count": 6, "bowl_id": "5acc42208c6b52001375e11e", "bowl_name": "Option Traders & Investing", "feed_type": "bowl" }

Getting sick of selling the market, watching it go my way, and then roaring back. So, I went back to revisit the daily. Could we be trading an extension long? Is that the reason why this market is going up? In Mid-June, we sold off to 2394 in ES. We can back for a 2nd test in early July but, rallied and we have rallied ever since. 3375 is the objective, 125 points away, and right at old highs. Do we have to goto old highs before a sell off? Maybe? Buy the 21 (yellow) and 51

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Yes, closing gap this week likely and then August will start the selloff with fed meeting and July payroll report and the final congressional stimulus package.

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The no investment choices is the best theory on the market. The entire market is being held up by 100 or so tech stocks. All other sectors are floating around their May levels. I don’t know what bursts the bubble. Profit taking? Earnings? Lack of adequate stimulus? Who knows.

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Musical chair on sectors will be how the tech bubble pops. I see little reason to buy tech at these price points. This bubble isn’t just retail. I think institutionals are a big part of the problem because everyone has set their 401Ks to blue chip funds. All the inflow of capital is going to a handful of companies.

With tech earnings, possible stimulus news, the market is going to crawl up this week

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I turned semi-bullish about 2 weeks ago, but the market started to stagnate so I've been waiting until a better direction is confirmed. In the meantime I have been playing both sides intraday. I posted either last week or the week before that if we closed above 323 and change then we would push up to test the Feb highs. So now that we have closed above the June 8 highs, I think we will slowly grind higher for a few more weeks.

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What I don’t understand about today with a vaccine news is why travel and hospitality and AZN dropped and tech and Covid plays went off again. 

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Don’t let your bias dictate your trades. The market can stay “wrong” longer than you can stay solvent.

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Getting sick of selling the market, watching it go my way, and then roaring back. So, I went back to revisit the daily. Could we be trading an extension long? Is that the reason why this market is going up? In Mid-June, we sold off to 2394 in ES. We had a 2nd test in early July but, rallied and we have rallied ever since. 3375 is the objective, 125 points away, and right at old highs. Do we have to goto old highs before a sell off? Maybe? Basically, Buy the 21 (yellow) and 51 day Moving Avgs.

Post Photo
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Today's strength really did it for me. You can buy the market on a retrace and hold of support.

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Yes, when a bear is real, and you get a 35 point move down overnight, you keep the bulk of it and you open and you stay down. Didn't do any of that. Instead, it held an intraday long and just keep rallying. I do think this is a deadcat bounce with liquidity ND no other real investment choices out there . . . So market is bid. If earning come in poorly, that could sent the market. But, I suspect we will see sell off that find support and rallys that go into new relttive highs.

Well Europe confirmed your new bullish outlook

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Praying for a turnaround Tuesday 🙏

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My company is now displaying!

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What are some good companies to work for in Dallas?

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How does this sound?

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