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Very nice Hatman . I am no Elliot wave expert but it will be good to see a small 5th wave to complete the pattern.
I am looking at this drop as an opportunity to purchase some solid blue chips which have fallen a lot in percentage terms. Alternatively just get into a suitable ETF without too much leverage and hold.
The FTSE 100 is showing part of its candlestick outside the BB on the weekly and monthly charts. I am not very good at posting a chart but if you look at a chart historically there should be a decent bounce. The US markets haven’t even taken out October lows so they are either very strong or could be subject to further drops after bouncing. ( even a V shaped recovery who knows)
Cimc, I was watching that dip on Friday a week before OE. just didn’t want to waste money buying calls. Would have worked. All this news suddenly pushing the market with OE on Friday . Happens most of the time.
I am not trading much as work is keeping me busy. Sticking to investing for the longer term.
Small FTSE long near 6710 stop below 6680
Stopped the other day on this
Wow look at US markets. Cant recall a December like this in living memory. Good to have volatility.
Cant hold futures contract unless very small stakes. Spoos moving 100 points a day!
Nice reversal on some indices of big round numbers
FTSE reversal off 6700
NDX off 6400
but too late in the day
I usually look for a deep dip pre OE to get long. This fits the bill nice.
It all looks so bad that it can’t possibly go up and then it does.
Trouble is Option premiums too high as are binaries. I would rather buy fTSE as it has hit its Nov 2016 Trump election lows. DOW and SP no where near
Hi Cimac,
Markets may not act as they have done in the typical bull market.
One minute it Looks like it’s shooting up for EOY rally and now this.
Keeping powder dry for next weeks Options expiry .Will try to long a deeper dip with an option. Cant hold a futures contract in the current climate especially over the weekend.
Would love to buy 2500-2510 area next week for a bounce. No guarantee it will go any where near there though.
Morning Cimac , Thanks for keeping the thread open and sharing ideas.
I find it very difficult to predict where this is going and only know basic Elliot wave.
I follow one person with an initial upside target of 2867 and then 3026 from the recent Thanksgiving day double bottom .
There seems to be a lot less corellation between the European and US markets of late. The FTSE just used to follow the US but has not really done much in the past few weeks.
So looking at FTSE for a but in to year end if it starts to show strength
Cimac,
I also do not trade for a living. But would certainly like to hone my skills for the day I retire.
The market is certainly fascinating . Look how that China news retraced completely and more yesterday. from +27 ish to – 38 area before closing -13.8
We used to have to wait for weeks to see these kind of moves.
I am hoping for some volatility if there are surprises in the mid term elections.
Or even cheap Sp November puts today if it gaps up and goes up a bit more…..I am already in. 2650 put at 12.2
Cimac, I have been wiped out several times on slow grind ups over the past 10 year bull run. Did not know how to trade properly as I was blindly following other people’s predictions on the net , and hoping. No way am I putting a small short hoping for the market to go down.
Better to bet/stake high on a small move and take the money run wait for another opportunity. Eg we recently had weekly ftse outside lower BB which I have never seen . And then it refused to stay down and started to bounce. Xmas rally approaching with a 10 % sell off-for ftse good reasons to bottom fish.
With elections next week however I would like to buy some cheap put spreads on US markets
If it tanks big after elections I will buy some cheap call spreads to bet both sides .
China news should retrace some but markets never do what you think they will.
