just an fyi… i don’t plan to spend much time in front of the computer today so the posts will be light. i do plan on digging into the charts over the weekend and maybe doing a video overview of how things look on multiple time frames. with today being options expiration,coupled with the fact that the markets will probably need to digest yesterday’s big move before doing much more, my guess is that the markets may chop around somewhat today, making trading difficult and not worth the effort. on top of that, any positions entered today (other than daytrades), will have to be brought home for the weekend.
personally, i booked a lot of profits on the recent longs in the last few days & then booked profits on many of the even more recent shorts on the move down yesterday. although i still have a few swing longs and shorts left, i am largely in cash right now waiting to see how the markets follow-up to yesterday’s selling.
someone had asked me for the charts of some of the inverse etf’s so i marked up these 60 minute charts of SDS and QID although i will say that i don’t have a strong opinion on where they go today and early next week (hopefully, that will change over the weekend when i have time to pour over all the charts and related data). obviously, any horizontal lines above the current price are resistance and the support levels are below.