Wow, this market is a day trader's heaven. Made a bad bet? Just wait a day and it will become a good bet
Dumped 70% of my COVID19 positions just now and will buy again on the next big dip. By the end of next week, I predict we're going to see scenes of Italy hospitals in NY and maybe other cities. Also, California has 57K pending test results which could freak people out as there's a big spike in cases.
Haha, man, you should see some of the calls I've seen made... Just crazy money earned by some, hopefully the smaller/newer traders are making it and not sitting there watching a 30-200% entry only to be down - 25% on entry.
Boeing (they are practically a state owned company and can't fail), Disney (they have a monopoly on IP and more Disney+ subs should soften their fall), and Tencent (they have a stake in almost every major video game company in the world). Will buy again on the next major dip. These are more LT plays than making a quick buck over a 1-2 week horizon.
It does if you take the risks. Very high risk/reward - like example is TOPS today, huge return. The problem is making sure you research enough to get out and take profits, unfortunately rational/new traders will invest in something and think it's real and get stuck in trash, like the biotech companies we've seen recently, absolutely chase the news type thing and not really sustainable (or probably even real on some). Like 100k avg volume then suddenly 100mil in a day, just stupid, and new traders won't even be prepared for the garbage when it falls. Obviously this is nothing new for PNDs but I am noticing a lot easier ones going around with the volatility. I'm definitely not suggesting this type of trading but it's there for the daytraders/risky gambling basically. Maybe there's more of it since there's no casinos/new money, just very risky.
Bought puts on MAN 2 days ago as a hedge; slowly creeping into the money. Has anyone been writing puts to take advantage of the high premiums for income? Any stocks to recommend for this? Ideally looking for high volatility (for higher premium), low price per share (so the outlay if option gets exercised isn't too high), good company for long term hold (in case option gets exercised) and decent liquidity in options market (rules out most of the small cap stocks). Been doing this with TWTR since it's already below IPO price; but on the lookout for better stocks for this.
I've been a short term trader for awhile. You can see my posts at the beginning of the thread. The frustrating thing for me is just my own trading and execution. I've been pretty spot on with levels, but getting myself ****ed in the choppiness and lack of liquidity in single stocks has been a b****. It sucks being right and losing money...but that's how it works with leverage and I've traded this way my entire career. These past few days have been some of my most frustrating and mildly depressing in a very long time, but I have to keep pushing. I'll try to not be lazy and point out some stuff as I see it. The other frustrating thing is these massive rips at the close and not being able to capture them for the most part. Lastly, I think the squeeze is likely dead. Retail money was coming in big yesterday too. Failed breakout to end the day that filled the gap from yesterday. We should still bounce around in this massive range for a bit. That said if we can magically push higher then SPY 270 is a mega mega sell. 265 is a pretty big resistance area too. If we rip down to 250 that's some mild support with 240 being stronger support, but there is a whole bunch of slop in between. Basically the upside is limited and I don't like any of the economic prospects going forward. And one more thing I was just glancing at random charts and I saw fake meat BYND was holding up well. Decent support at 63.50ish and big support at 60. Might be one to look at if it pulls back to those areas and it didn't do anything in this rip down at the close.
Me yesterday: LULU should make some decent gains after earnings... (Narrator: and LULU did not make gains. In fact LULU went down) Seriously...the hell is going on with this market? SP500 up +15% total the last 3 days? Time to sell and rebuy later? Or have we seen the bottom.
I’ve sold put spreads, 5-points, on SBUX / CRM, and use the proceeds to defray the cost of longer-term Call Calendar plays
I absolutely agree with you on all of this. It's been a mess, I got ****ed yesterday not doing research and lost a bit getting lazy. But then the logical stuff isn't making sense like it normally would. I'm honestly almost considering doing this BS trading going against logic, like I'll get a tip of something maybe an evening or few mins before, but it's very dangerous and not the type of stuff I'd Suggest to a rational/smart trader. I think once this passes eventually it'll get back to realistic trading but the stuff I'm seeing is absolutely junk trading. And while I think you could pull this off and a few other daytraders here that know when stuff looks fishy/high high risk, I'm always curious about the inexperienced traders just eating this stuff up and then they get screwed. Ie Taking their new portfolio from 5k to 10k and then the next day being down to 1k or worse etc etc. Also, I'm by no means super great but can spot a PND and I just think about the people buying up this BS and getting stuck, It's basically straight wall street/boiler room movie moves. I'm watching calls ahead and questioning why I'm trying to be rational. I mean gambling a small amount right now might be worth it but I also don't know how some of these guys risk their portfolio on these. Even with me salvaging some of my portfolio/401k I'm still down a decent chunk. The good news is the market always returns, so I think the smart traders/moves will pay off in long run, even if logic makes us lose some, long-term/smart traders will make a comeback for sure.
I mean there have been lots of these pump and dump type moves the last few weeks. It's easy in retrospect to be like what about TOPS - it was the top gainer of the day (no pun intended) with crazy relative volume... But how do you spot it pre-market, or early in the market? TOPS bumbled around doing nothing, then popped most of its gain in a 30 minute window. And its not like its the only one trading with volatility like that. It could have trade immediately back down for example (it did a bit, but ultimately climbed back up). Astrotech was one earlier this week, and it benefited mainly from huge one time jumps... in fact unless you were holding before the 25th, you're like down big - your PND comment. IMAC had the biggest run this week, and if you held before the 24th you made a killing, otherwise, you had a bit of time to get in, maybe an hour or two, then if you could have gotten out immediately, would have done great. Obviously it's easier said then done, except for the "professionals" and algorithm folks, etc. I'm sure there are some amateur pros doing ok, or getting lucky, just following the big movers, volume guys and play the stop loss/limit game. I tried a bit for fun ... not a ton of luck... didn't really do horribly either because I put on stop losses... just didn't identify the right pump/runs in a timely enough fashion.
Agree with both of you. I am by no means a day trader. As nice as these quick gains are, the other side are huge losses also. I am reluctant to get into these low cost biomedical companies like AYTU or financial stuff like MFA. The gains are good but man I am not about to lose 10K on it. haha So far I have only traded: PLAY (+$625, sold) UAL (+$3500, SOLD) LULU (-$1100, HOLD) I will hold LULU till I turn profits. I feel (from my research) they are a solid company and should be able to weather this storm.
I have a few tips I've been getting but I think they're very dangerous so haven't been posting.. I mean I definitely can start sharing them, lately these have been money but I don't like telling someone a call I get ahead of time and sharing something that's dangerous. Like there's been a few trades I've been way ahead of knowing, and I know it's not logical/smart chasing news but they've been banking... I mean if you want I can but I've tried to only share logical/stuff I'm seeing directly and not chasing news. Like these trades are exactly like TOPS or worse and you need to be ready to take profits. Very high risk, and most definitely all manipulated... One thing that's sometimes more obvious is volume is shifting but stock is staying the same. Ie if you get a call ahead of time and these guys have been loading this stock you'll see small up ticks in volume, most likely some whale got stuck and is trading high volume controlling the bid/ask price since these are all low value, so you'll see volume moves but no real shift in stock price. Then some garbage pr/news/absolute trash gets word of mouth and they then remove the walls, run the stock up and dump it at market. I definitely think it's risky and have seen both outcomes but if you pull it off - easy 50% typically.
That's excellent overall, very nice timing on PLAY/UAL. And I definitely agree, like that's why I haven't been trying to share chase the news stuff. Like if you try any of these, holding overnight even is dangerous, I've seen nice gap ups but if you pick wrong... Can be really bad at open. I also think it's worth a shot on lulu, I mean can't hurt to try, especially if it's something you believe in. I feel UAL will be a good entry again eventually but am holding off for now, but I think airlines etc will be excellent long-term, and short term could work again depending on length of virus etc.
I think if UAL gets into the 20s again, I will get on it for long term. For now, I rode it way up for the stimulus bill hype. My strategy was to make some gains now and get out very quickly with a few solid stocks. Meaning, companies I am willing to get stuck with. That's why I didn't do Boeing. I am not sure where the hell that company is going to end up. Could be 60s for years or back to 300. Or bailed out with shareholders being screwed (RE: GM in 2008). Then when things are bottomed out + stabilized, throw everything back into an index and ride it up. That strategy has been altered a little since my money is tied up in LULU. So maybe I will do LULU + UAL for the recovery. Hopefully I got another shot or two with the non LULU money to make a couple more short gains.
