QQQ tech has been strong. I think with the Fed backing up markets I’m bullish all month. Most of my trades don’t have to be ITM but as it moves so will my position.

Why are you bullish? I can’t see that TSLA call possibly expiring itm.

LOD = low of day

I am still on QQQ, I added to my short position at 214.5 this morning. If we get to the top of the first Corona bounce (218) or up to the 78% FIB (222) then that I will also add at either of those levels. I am under water but this is a swing trade. The picture 6 months forward is not pretty…

Agreed. QQQ is cleaner than NQ in this regard.

Agreed. But in terms of a swing trade, we still need to break out of the channel from 3/22 right?

LOD?

I hope your right. I think every position I have is dependent on SPY decreasing.

plz add IWM analysis if possible!

Just a joke. However, I am staying short. This bull will run out of gas. I hope sooner than later. I cant take it!!!

@rsotc Randy, could you please also provide a quick update on NFLX? Do you think the “golden shorting line” is still valid, ex. setting a short order a little below that point when a breakdown is confirmed?

Also, in this market, even though you are bearish long-term, what are your thoughts about setting short-term orders in case we do get breaks beyond what we expect? For example, when SPY shot through the 38%/50% fib lines, why not set orders to go long from say 40% to 50% and capture some of the interim upside to offset some of the pain of holding shorts?

Thanks!

Ja. The market has been hiking higher, and higher, with no end in sight. GO LONG, or GO HOME!!!

In all seriousness, I’m saying that the market likes to trick the herd. It’s up to you. Do you think the markets are going to hit new highs? If so, go long. If not, go short. Or, step aside, and watch the circus from the safety of the arm chair.

Spot on. I fully agree. Take small positions, until the trend solidifies, then scale in. Try to go against your emotions. Right now, many people are exhausted on trying to go short, thinking the markets will just climb higher, indefinitely. Perhaps, that will end up being the case, but quite often, the opposite occurs. The market likes to trick the herd, and use their emotions against them.

one of the greatest Seinfeld episodes

I will probably add onto my short position too depending on how charts look.

I may be dating myself, but remember that Seinfeld episode where George does the opposite of what he thinks he should do and his life starts improving. I have often thought I should try that. LOL

@TJS, why don’t you let us know what you’re going to do next? We will do the reverse. Just Kidding.

LOL! Thought I was the only one! I’m learning to let things breath a little more. Relax

As a man thinketh in his heart so is he.

Agreed! Bull trap is about to spring :-)

Dangerous wedgie on QQQ. Presumably a lot of short interest has been cleared out on that last pop?

So your saying I should go long now?

I plan on doing a video today & will try to touch on that.