Thats was quite a statement day by the bears completely wiping out the gains of the day before and more. I have to reevaluate my thoughts here. We are in a real crashy sort of setup here. I would say be very careful. I traded in and out of ES yesterday - the fast moves made for some great trading. I will continue to do that today. Remember VIX is high - reduce position size. And dont be surprised with anything today and next week.
I closed half of my NUGT puts yesterday at a good profit. Still holding the rest. I will see how it goes based on action today. The precious metal stocks were very weak yesterday compared to the spectacular rally the day before.
If I have to take a guess at the market the next few days - today we bounce and maybe give it up by end of day. Monday/Tuesday we have another bear move to the downside. This could be the big one. I dont like to say 'crash' usually - But this is a real possibility this time - sometime next week.
Be careful.
Best,
PM
I closed half of my NUGT puts yesterday at a good profit. Still holding the rest. I will see how it goes based on action today. The precious metal stocks were very weak yesterday compared to the spectacular rally the day before.
If I have to take a guess at the market the next few days - today we bounce and maybe give it up by end of day. Monday/Tuesday we have another bear move to the downside. This could be the big one. I dont like to say 'crash' usually - But this is a real possibility this time - sometime next week.
Be careful.
Best,
PM
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