Cobra's Market View

Yes, inverted H&S on a lot of charts. Most pronounced on Euro, but it worked for many.

Picked up a few SPY puts yesterday, feeling a little hurt today. I hope we're looking at a double top, but I'm also ready to fold here as well. Past this point I'm looking at another 10 points up before I try this again.

I saw the 155.70 print- it was one trade, about 500K shares. I assumed it was a private-ish block trade or maybe even a fat finger. But then a few more trades went off at 155.70, so I'm not sure.. Maybe Mr. Miyagi can clarify.

newbie_77 wrote:is this a sarcasm? you bought puts at the bottom?

MrMiyagi wrote:We must have bottomed; I just bought a handful of SPY puts.

Sometimes we can all feel like market makers; like when we buy a nice handful of puts and suddenly the market rebounds. It's magic!

Sigh. Bad week for me.

I think we'll hold at either at 1206 or 1190 before rallying into the end of the year.

Building into a fairly large long position with my eye on the end of the week. Buying NOV SPY 126 calls when we test each support. Hoping to snag some more in the low $1.60s- averaging $1.47 currently.

Starting to think we'll see some more selling after lunch. I'm still looking to get into a long position for the rest of the week, but I'll wait to see if we get a rebound after 3PM. If it's strong I'll get long overnight, if not strong or no pullback, wait and see for tomorrow. Slow day so far.

All cash until we move out of this broad triangle. I'm sure there are great scalps out there but I'd rather be passive at this point.

That said, I'm looking to get long either late today or tomorrow. Hoping this leg down gives a good entry point.

Everything I look at is looking pretty bullish, despite the overall macro which I find bearish. It's a BTD environment until it isn't. One hell of a bear rally.

Today is feeling like the bears are actually back in the driver's seat. But this has happened a few times over the last weeks, only to get completely squeezed by the end of just a little bit of selling. I went short with a very small position in SPY weekly puts. Normally I'd feel pretty confident wi...

Do or die moment. Bears need to seize this moment or will be punished by 1255.

I think we'll be filling the gap today. If /ES and EURUSD keep selling once this ECB press conference wraps up I think we're in for a bloody day.

gabor wrote:Bulls are dehorned already, I think.
Now, the castration comes, to make the meat more tender before grilling the next week.

Lovely imagery...

Hanging on to weekly SPY 124 puts, grabbed at $1.50. Fun ride down!

Good morning. I don't see much edge at the open, but I'm hoping to get something short going around 1242. In a perfect world this would be just after FOMC so I could enter the trade without worrying about The Bearded One throwing a wrench in my spokes.

All cash heading into tomorrow- we could see a pretty huge gap to either side overnight... best of luck to those holding onto positions!

Knocked today out the park - much needed, as I've been on a losing streak!

Grabbed some SPY 113 puts for $1.03. Looking for selling into the close.. generous stop since today is generally bonkers.

Closed yesterday's puts. We've put in a lower low for the day and I've captured enough upside to be happy back in cash.

First post, just wanted to thank Cobra for putting this all together. Excellent resource! We made a pretty rapid bounce from 1208, failed to take 1230, so I think we'll be making a new LOD this afternoon. I'm holding puts from yesterday, SPY NOV 114/113. I wish my position size was larger but c'est ...