EOD Market Update SPX500 8/23/2017

I don't have a neck brace so I just stick with my 5 and 10 day charts using a 15 minute time frame. I went long the SPY to 245.00+ by tomorrow's expiry and also posted a short term UVXY short at $33...just before it went to $34. :-) Both trades posted at my UVXY options trade blog close to the top of my list.

$0.00

[-]

dankh (57) · 7 years ago

Well good luck to you. You have a day left to hit 245. My charts show we will retest 35.5 check my EOD update

$0.00

2 votes

[-]

joejustjoe (48) · 7 years ago

I paid .28 for those 245 calls. Just exited the trade at .70. Not my best trade ever but hey...I'm working on it. :-) Now I can concentrate on the sexy VIXens and the goldies.

$0.00

1 vote

[-]

dankh (57) · 7 years ago

good job. I was thinking about your position at the market open. I had timing for a pullback, glad you exited at the peak

$0.00

1 vote

[-]

joejustjoe (48) · 7 years ago

I got back in via the SPY 244.50 calls after the SPY retraced the morning move back to 244.50. I "coulda" had a double on that trade 7 minutes ago but I just exited 2 minutes ago at .53 market after paying .35. Still, overall not a bad day. :-)

$0.00

[-]

joejustjoe (48) · 7 years ago

SPY tagging 245.00 right now in premarket so I guess we will find out today whether or not the compooterized trading wizards move on to take out the 52 week high. If they do next Fri "might be" black Fri. Actually, scratch that as the markets will be closed the following Mon and I am "expecting" and Oct 1987 style event with follow thru selling on the following Mon. Precious metal stocks now setting up for a major collapse to new 52 week lows too.

$0.00

[-]

dankh (57) · 7 years ago

I'll be posting the set-ups for next week in the EOD video

$0.00

1 vote

[-]

joejustjoe (48) · 7 years ago

Thanks. Check out the dollar. Methinks it's getting ready to rock the lives of not only the gold and silver bugs...but the entire crypto nation besides. I "might" still be able to get my GDX short before the close. Needs to trade thru a "guesstimated" 23.65. Target of 22.42, still visible on this 10 day chart.

http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Fund&symb=gdx&x=43&y=4&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11

$0.00

[-]

dankh (57) · 7 years ago (edited)

I've heard the argument, but on the study I concluded last week there has been no correlation (except incidental and temporary) between USD, the equity markets, and the commodity markets. If there was a commodity linked currency out there whether it be gold, oil, cotton...anything, then we could draw some type of correlation. I haven't looked at GDX since the first quarter as the low in GLD was made on 12/20/16 (as I remember, don't quote me) so I was looking for a bounce in the miners. The issue I have is that the miners are poorly managed so even if gold posted a run that would not easily translate into a gain for GDX although that was the case in mid-2016. On the other hand, even if gold is hoarded (continued growth in supply) it does not seem to have an effect on demand thereby making GDX difficult to short. So I guess I am saying there are better fish to catch in this pond.