Let’s take a look at the longer-term NASDAQ to gain context and then turn to the intra-day action that saw a major shift away from technology and to financials.
SMS issued Wednesday:
*New Trade Alerts – Both Tier 3 – AAPL SELL -1 VERTICAL AAPL 100 (Weeklys) 29 DEC 17 170/167.5 PUT @1.10 LMT (In the DEC 29 expiration sell the 170 puts, buy the 167.50 put for a credit of $1.10 or more. GOOGL – SELL -1 VERTICAL GOOGL 100 (Weeklys) 29 DEC 17 1030/1025 PUT @2.20 LMT – In the DEC 29 expriation sell the 1030 puts, buy the 1025 puts for a credit of $2.10 or more. -TG-
Major reversal out to technology and into financials Closing JPM butterfly, closing AAPL put spreads, closing FB call debit spread and credit spreads. -TG-
Also, I\’m selling 1/2 of my Bitcoin position into this strength. Note I am having issues with Coinbase, but was able to execute on Kraken exchange. -TG-
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P.S. I will be doing a MotiveWave webinar in December to on-board all of the traders in my beta program for the Elliott Wave workspace exchange program. If you purchase the software, you will be invited into the beta program before our official launch.
My Latest video log is posted – Vlog 35 – Using Your Outdoor Voices
2 Comments
Konrad Brandemuhl
on November 30, 2017 at 4:49 am
I agree on the premise of respecting the uptrend. Even though it was a rather dramatic negative tech swing today, I’m fine with giving back a little of the profit since we have profits to give. I rather give a little than miss out on general longer up swing. Some stocks had large point losses but if you look back at “buy the dip” concept, it leads you to believe we should have a bounce.
Wonder if bitcoin is influencing some of this. Bitcoin starts to sell off and if someone wants to get into bitcoin in a big way off a temp sharp bitcoin reversal, they have to raise cash so they sell tech, then move into bitcoin.
Hi Todd,
My question is about the SPX trade on November 17th. I notice in the “Trade Desk” that this trade is labeled as ” Unfilled.” I, however, was filled on this trade at $5.15 and am wondering how to proceed.
Thanks
I agree on the premise of respecting the uptrend. Even though it was a rather dramatic negative tech swing today, I’m fine with giving back a little of the profit since we have profits to give. I rather give a little than miss out on general longer up swing. Some stocks had large point losses but if you look back at “buy the dip” concept, it leads you to believe we should have a bounce.
Wonder if bitcoin is influencing some of this. Bitcoin starts to sell off and if someone wants to get into bitcoin in a big way off a temp sharp bitcoin reversal, they have to raise cash so they sell tech, then move into bitcoin.
Hi Todd,
My question is about the SPX trade on November 17th. I notice in the “Trade Desk” that this trade is labeled as ” Unfilled.” I, however, was filled on this trade at $5.15 and am wondering how to proceed.
Thanks