Lions, I Made A Bad Call On Ebay.. However, It Looks Like A Market Pullback May Be Imminent. By Gregory Mannarino
Lions, as of now it looks like my call on eBay is not playing out in the manner in which I believed it would.
Yesterday's market trading action made a quick reversal early on which forced me to take up a 10% out of the money hedge on my EBAY calls, and although my hedge did take some of the sting out of the entry day reversal, I did close the trade earlier today with a loss.
Today's trading action is again wildly bizarre.
With regard to the tech sector, Amazon is down nearly 3% on an earnings miss and Apple is down as well.
It appears that this market may be ripe to fall.
Now I am not saying that we are going to experience a crash, but a well needed pullback would be very welcome here.
Yesterday I posted a position against QQQ on my website TradersChoice.net, today I took up yet another bet against the market, this one against ticker SPY, click here: https://www.traderschoice.net/money-page--stock-picks.html
With regard to these positions against the Q's and SPY, as always exercise caution.
My concern with betting against the market, even at these over the top valuations, is it seems that the Federal Reserve is determined to push stocks higher. Personally I do expect the market to continue its march higher on the back of a weaker dollar and continued Federal Reserve easy monetary policy.
Again, I would really like to see a pullback in this market as a set up for a new leg higher.
Happy hunting my Lions!
Your % of right calls far out weigh your misses. I do agree 100% that this market is going up with the current conditions you've mentioned. They're going to keep this game of musical chairs going until they want it to stop.
well Greg your mistake and then learning from it , still sets you apart from those on the main stream media who never , never admit or acknowledge their mistakes, all of it just goes to say that you are the better person and more dependable than the rest and we upvoted you
Success always hi friends in steemit followback
wao your post get great score very fast
Good advice Greg, proceed with caution on any investments in this environment, even metals at times. Thanks @marketreport
Like you do tell people, you are not perfect and you do admit it when you are wrong. I'm glad for your honesty and for your quick decisions to trade in a good manner. Theres nothing wrong with taking a step back and reevaluate a trade. I myself have made those kinds of trades.
I just look forward to the next setup and jump on to the opportunities that present themselves.
Thank you.
You forgot to add >>> "...and right now shorting Bitcoin Cash looks like the slam dunk opportunity for the next week anyway. Can you believe they are actually trading it at $380+ right now?:O If I was smart I'd go find out if there is a way that we can scrape up some sheckles collectively and then let JoeJustJoe tell us how to turn $50 into $5000 via that new bitcoin cash thingy coming to a wallet near you soon." :-) I'd tell you exactly what to do but first you need to refer me to the casino that will allow you to make the bet....please....sir. :-)
These are the 4 Cryptocurrency Challenges:
BTC:
https://steemit.com/bitcoin/@revelationquotes/the-cryptocurrency-challenge-bitcoin-or-high-close-date-of-29-july-2017-or-enter-today
LTC:
https://steemit.com/bitcoin/@revelationquotes/the-cryptocurrency-challenge-litecoin-or-high-close-date-of-29-july-2017-or-enter-today
ETH
https://steemit.com/bitcoin/@revelationquotes/the-cryptocurrency-challenge-ethereum-or-high-close-date-of-29-july-2017-or-enter-today
STEEM:
https://steemit.com/bitcoin/@revelationquotes/the-cryptocurrency-challenge-steem-or-high-close-date-of-29-july-2017-or-enter-today
Booooring, I say BTCC ..or BCC, whatever bitcoin cash is trading under opens at less than $10 and sells down from there so don't say I didn't tell ya so now that you "had" a chance to major chachingo. :-)
It is Friday, so its prime for a pullback at least. Other bizaar happenings are occurring too. I thought perhaps something was up.
I saw quite a lot of red when I woke up in the morning.
Prices will probably not drop dramatically but as you said we may be up for a unpleasant ride.
I'm still waiting for that perfect opportunity where I can short the crap out of this fake market.
Thanks Greg.