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Friday, January 15, 2016

Wow. CRAZY DAY

I am busier than a one legged man at an ass kicking party. Today the market suddenly tanked on me due to news and my overnight call option got crushed. Then assuming that the morning was a fading gap, I bought in with calls. Turns out that wasnt the case. So I sold the call for a loss then CAME ON BACK LIKE A BOSS with dayputs same day as expiration and i pulled it off with a 100% win to cover the daycall loss plus a little bit in the green. (a bit).
Now the only thing I have left out there is that overnight end of day call. The market is crashing. How do I deal with this now. Let me think.

I am looking at the technicals as they stand right now for the QQQ:

This however means nothing until the last 10 minutes of trading as this is WAY subject to change all the way leading up to the end of the day. As it stand right now with the most recent candle which is highlit in yellow above says that there is more drop coming as there is more upper part than lower part. Plus there is no body to the candle which is signifying panic and confusion. This candle should solidify and become clear during the last 15 minutes of trading so I will come back then and look.
What I would LOVE to do is buy while this market is really crushed and low and then have a bounce back on Monday. That would put quite a few dollars in the bank. However this thing with the oil suddenly NOT being at the bottom when a lot of people got in and bought yesterday (not me thank god) and the huge instability with the Asian markets which I believe is going to continue really gives me pause. Again it is going to come down to the last 10 minutes of trading.
Also as far as the Asian Markets are concerned, I like the fact that they are going to have the weekend off so people over there can pull it together and reign in the panic and take a rational look at things and regroup for Monday. 

Tradinginsider

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