INTERESTING STATISTIC:
WE HAVE 19 YEARS OF QQQ DATA, AND ONLY 1 TIME IN 988 WEEKS (1 OUT OF 988) HAS THE QQQ'S HAD 3 CONSECUTIVE WEEKS WHERE THE HIGH WAS MONDAY ALL 3 WEEKS.
SO THE ODDS WERE IN THE FAVOR OF THIS MONDAY'S HIGH (285.29) BREAKING BEFORE THIS FRIDAY! SO YES WE WERE IN CALLS AND WE WERE 99.99% CONFIDENT WE HAD A GREAT POSITION.
BY THE WAY THAT 1 OUT OF 988 WAS SEPTEMBER 2008. WE ALL KNOW THAT WAS A ROUGH PERIOD IN THE STOCK MARKET!!!
WELL WEDNESDAY WE PROVED TO OUR SUBSCRIBER'S THAT WE ARE HUMAN! WE UNDER ESTIMATED EVERYTHING ABOUT WEDNESDAY....
THE POP WE EXPECTED AFTER THE OPEN WAS BELOW TUESDAY'S LOW
THE DROP AFTER THE OPEN WHERE WE WERE NOT PATIENT ENOUGH WHEN WE BEGAN NEW CALL POSITIONS
THE BOUNCE THAT WOULD TEST THE VWAP WHICH TOOK 6 HOURS TO BREAK
THE LATE DAY SELLOFF AFTER THE ANNOUNCEMENT BEFORE THE CLOSE OF LOCK DOWNS IN FRANCE AND GERMANY
THE ONLY POSITIVE MOVE WE MADE YESTERDAY WAS RECOMMENDING 275 CALLS INTO THE CLOSE YESTERDAY. THAT LOOKED REAL PROMISING WHEN AT 6AM THIS MORNING THE QQQ WAS KNOCKING ON THE 275 LEVEL, BUT THAT HAS BACKED DOWN BEFORE GDP REPORT. AT 8:30 THE GDP HAS LED THE QQQ BACK AROUND 273.50
CRITICAL LEVELS TODAY
275.00 LATE DAY HIGH WEDNESDAY
271.39 WEDNESDAYS LOW
SCENARIOS: (AS OF 8:45 AM QQQ AT 273.50 LEVEL)
THURSDAY OPEN > 271.39 AND HOLDS THAT LOW (1ST 30 MINUTES AFTER THE OPEN) WE WILL EXPECT THE 30 MINUTE HIGH TO BE BROKEN AND WORK TOWARDS 275 TEST. IF 275 HOLDS WE MUST SELL CALLS INTO THAT HOLD!
THURSDAY OPEN > 271.39 BUT BREAKS UNDER 271.39 (1ST 30 MINUTES AFTER THE OPEN) WE WILL SELL OUR CALLS IF VWAP CONTAINS THE HIGH AFTERWARDS AND WILL BUY PUTS. BUT IF THE VWAP BREAKS WE WILL AGAIN LOOK FOR 275 TEST FOR HOLD OR SELL CALLS
WITH THIS SELL OFF INTO END OF OCTOBER HAS LED TO SHORT TERM AND INTERMEDIATE TERM OVERSOLD CONDITION SO A SHORT TERM RALLY IS POSSIBLE.
LIKE WE SAID EARLIER THIS WEEK...DAYS AWAY FROM ELECTION AND MANY QUESTIONS TO BE ANSWERED...AND AAPL AMZN FB AND GOOGL REPORTING AFTER THE BELL TODAY.
WE HAVE 19 YEARS OF QQQ DATA, AND ONLY 1 TIME IN 988 WEEKS (1 OUT OF 988) HAS THE QQQ'S HAD 3 CONSECUTIVE WEEKS WHERE THE HIGH WAS MONDAY ALL 3 WEEKS.
SO THE ODDS WERE IN THE FAVOR OF THIS MONDAY'S HIGH (285.29) BREAKING BEFORE THIS FRIDAY! SO YES WE WERE IN CALLS AND WE WERE 99.99% CONFIDENT WE HAD A GREAT POSITION.
BY THE WAY THAT 1 OUT OF 988 WAS SEPTEMBER 2008. WE ALL KNOW THAT WAS A ROUGH PERIOD IN THE STOCK MARKET!!!
WELL WEDNESDAY WE PROVED TO OUR SUBSCRIBER'S THAT WE ARE HUMAN! WE UNDER ESTIMATED EVERYTHING ABOUT WEDNESDAY....
THE POP WE EXPECTED AFTER THE OPEN WAS BELOW TUESDAY'S LOW
THE DROP AFTER THE OPEN WHERE WE WERE NOT PATIENT ENOUGH WHEN WE BEGAN NEW CALL POSITIONS
THE BOUNCE THAT WOULD TEST THE VWAP WHICH TOOK 6 HOURS TO BREAK
THE LATE DAY SELLOFF AFTER THE ANNOUNCEMENT BEFORE THE CLOSE OF LOCK DOWNS IN FRANCE AND GERMANY
THE ONLY POSITIVE MOVE WE MADE YESTERDAY WAS RECOMMENDING 275 CALLS INTO THE CLOSE YESTERDAY. THAT LOOKED REAL PROMISING WHEN AT 6AM THIS MORNING THE QQQ WAS KNOCKING ON THE 275 LEVEL, BUT THAT HAS BACKED DOWN BEFORE GDP REPORT. AT 8:30 THE GDP HAS LED THE QQQ BACK AROUND 273.50
CRITICAL LEVELS TODAY
275.00 LATE DAY HIGH WEDNESDAY
271.39 WEDNESDAYS LOW
SCENARIOS: (AS OF 8:45 AM QQQ AT 273.50 LEVEL)
THURSDAY OPEN > 271.39 AND HOLDS THAT LOW (1ST 30 MINUTES AFTER THE OPEN) WE WILL EXPECT THE 30 MINUTE HIGH TO BE BROKEN AND WORK TOWARDS 275 TEST. IF 275 HOLDS WE MUST SELL CALLS INTO THAT HOLD!
THURSDAY OPEN > 271.39 BUT BREAKS UNDER 271.39 (1ST 30 MINUTES AFTER THE OPEN) WE WILL SELL OUR CALLS IF VWAP CONTAINS THE HIGH AFTERWARDS AND WILL BUY PUTS. BUT IF THE VWAP BREAKS WE WILL AGAIN LOOK FOR 275 TEST FOR HOLD OR SELL CALLS
WITH THIS SELL OFF INTO END OF OCTOBER HAS LED TO SHORT TERM AND INTERMEDIATE TERM OVERSOLD CONDITION SO A SHORT TERM RALLY IS POSSIBLE.
LIKE WE SAID EARLIER THIS WEEK...DAYS AWAY FROM ELECTION AND MANY QUESTIONS TO BE ANSWERED...AND AAPL AMZN FB AND GOOGL REPORTING AFTER THE BELL TODAY.
Trade closed: target reached:
WELL WE TURNED A PROFIT ON OUR 279 CALLS WE SOLD INTO THE RALLY
WE HAVE A LOSS ON OUR 283 CALLS WE FIRST BOUGHT WEDNESDAY MORNING
OVERALL IT WAS NET PROFITABLE.
WE DID HOLD OUR 275 CALLS, WE BOUGHT AT WEDNESDAY'S LOW, INTO THURSDAY'S CLOSE THINKING THE EARNINGS WOULD ADD A POP BUT THAT HAS NOT BEEN THE CASE AS OF PRE MKT PRICING
WE HAVE A LOSS ON OUR 283 CALLS WE FIRST BOUGHT WEDNESDAY MORNING
OVERALL IT WAS NET PROFITABLE.
WE DID HOLD OUR 275 CALLS, WE BOUGHT AT WEDNESDAY'S LOW, INTO THURSDAY'S CLOSE THINKING THE EARNINGS WOULD ADD A POP BUT THAT HAS NOT BEEN THE CASE AS OF PRE MKT PRICING