hungry_hippo

ES1 Overbought and big divergence

CME_MINI:ES1!   Futures E-mini S&P 500
Wow did they ever pump futures on low volume , SPX will open at all time high ( ATH ), taking a big loss this week, $5k...

Not chasing this, that would be insane. No new short positions either, will let the puts expire worthless. Gotta trust the chart formations and targets, nevermind the fundamentals. ES1 hit both pennant and bull flag targets without skipping a beat. Lesson learned the hard way on this one.
Commento: LOL, weak. Nobody is buying into this BS. Not as hosed as I thought I would be, UAA and GM negative, XRT getting there. $2.5k down, but I'm guessing everyone and their mother are going to cash out their 401k when they see we hit another top.

Lol make that $2k loss for the week now.
Commento: Even for the day now, closing out some positions. Talk about heartburn, lol.
Commento: Closed out all of my index positions on this whipsaw heartburn day. Enough of that, lol.

Still short UAA, GM, and XRT. Doesn't really look like they're going anywhere anyways.
Gonna get more overbought IMO but U R rite, R/R terribad to chase this madness. Twice in past week I've been boarhogged on gap up with SPY short contracts moving into money that had closed > $3 OTM.
Not doin it anymore, ROFLMAO. Fortunately I closed 100 shorts for risk-off and left just 20 open, and kept a few longs on hedge, so the net debit was about $400 I gave away to happy fools to close at open.

I do not understand how the weak response Wednesday led to such extreme bullishness Thursday. Clearly I just do not grasp the basic tenets of stock speculation. Not closing the account yet but I took out 75% of capital back to the bank, where it can sit and collect 0.025% until I spend it on something useful. GL HH!
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hungry_hippo DaddySawbucks
@DaddySawbucks, the response is weak. China and Europe both pumped the crap out of futures on low volume. Market manipulation at it's finest.

I'm actually not as hosed as I thought I'd be, GM and UAA went negative already and XRT is about to...
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We all bared losses in June, some small, some big.... The most important question now, where are we off to now?
Jobless claims look good on the top of Feds and Trump/Xi meeting @ G20. My guess would be 3000 mark with a huge sell off.
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@maxaus, Probly a good bet.
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hungry_hippo DaddySawbucks
@DaddySawbucks, watch the formations. Computers could care less about round numbers. I'd kick myself for not seeing the bull flag and target, but I'm OK since I only lost $300 today. Really though I hosed myself, was down $2.5k on SDS alone at open (actually sold it for $350 profit, lol). Would've been a hell of a day trade if I had bought pre-market instea of AH yesterday.

I tthink it's al about chart reads up here in no man's land. Not some arbitrary numbers or gut feel. I would have laughed at anyone who told me we'd set a new ATH with teh rates inverted.
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