EconRuminations

01:28

EconRuminations

Sitting on my hands at the moment. Looking to get into a short position but will not even entertain until a substantial break occurs. May nibble if weakness develops but for now I would only be looking to be a short term day trader and I would be long.

02:09

EconRuminations

Maybe Not Yet. Based On Weekly. But If Momentum Wanes Prematurely And Price Follows I'm Would Have To Say The Targets Are: 1) 48875 2) 42500 3) 36250

02:41

EconRuminations

Started the short in June with what was looking like a classic top. Well... I still think it is, but I was early. This is why you give yourself room on the put contracts. Failing to do so is why options traders often lose their skin.

EconRuminations

Adjusted former idea as I was a bit too early but all reasoning still holds and is now even more relevant.

EconRuminations

TSLA Outlook 6/15/2023 Overall still pessimistic. This has been a monster bear rally. After falling 67% from the prior topping formation in Aug - Sept of 2022 through to the bottom in Jan of 2022, Tesla has risen a whopping 156.77% from those lows to the highs just yesterday. Yes, I was early, but we entered in long put positions which I believe will be highly...

EconRuminations Updated 

I think we're going to see a surprise run of dollar strength. Short term bill auctions are showing there is a hunger for collateral. I think this is because a globe awash in debt based in USD is chasing after said USD. Money supply is also falling as well as forward rates. This will be a short to medium term headwind for Gold. Gold is a terrible short term...

EconRuminations Updated 

This "rally" we have been experiencing in the SPY I think is largely a bounce from the previous legs lows. If this turns I suggest a base case for a 30% drop from current levels bringing us to about 293.50 or so. Not necessarily straight down but that will be my target. Getting concerned that complacency is starting to return as well as some risk appetite. It's...

EconRuminations Updated 

Looking for SPY to test 50% retracement from Covid lows to the highs. will be in the $360 - $350 range. Should support fail there, which I believe is likely, and then be confirmed by volume next target is $317. Ultimately I do not consider it out of the question a possibility of $247

EconRuminations

AMZN formed a double top starting in July of 21 and confirming in November of 21 with a break in January of 2022. Since then we have confirmed on the weekly chart a down trend under key 30 and 40 period averages on the weekly. Typical of bear market rallies there was a 44% rally in price from the lows of June 2022 to August of 2022 when prices hit the moving...

EconRuminations

It's simply in the title. This is an ugly chart. I've been watching it fail for quite some time now as I have been told over and over again, "this is just the beginning" and "to the moon" just like was said with AMC and the meme stonks. In order to change my mind we'd have to clear and close above 42k with some excellent volume at the break of it. I don't see that...

EconRuminations

Target $458 (50% Retracement) If fails $444 (38.2%) & breaks $435 we're going back to $425 or below. FOR 1/25/2022

EconRuminations

In my opinion we're heading for the next leg down after a duration of consolidation. Price targets as low as $1,200. I know. Hate me. I'm not married to the idea but technically speaking I'd rather be out of the way.

EconRuminations

I said it since the top and I'm still letting the profits run. ETH is a structural nightmare. Without clearing $2,800 on serious strength I'm looking south towards $1,400. Completely willing to change my view with a change in the markets, but so far price is NOT buying the narrative. Sorry bulls.

EconRuminations

It's over... ETH will tag along. I have called this since the literal top.

EconRuminations

Just want to mark the top here. I'm serious. That's all. My last short didn't work, I'll give you that. But I'll see you around $25 then we'll talk again regarding new downside target.

EconRuminations

Currently short futures and long HL and AUT puts.

10:59

EconRuminations

For now or forever? WHO CARES - NOT THE MARKET ---- JUST GET OUT OF THE WAY. That I'm not trying to get into at the moment. I'm simply trying to point out that over exuberance with the bulls is about to take control. The panic didn't even begin yet. Nor has some of the despair. Diamond hands will be eroded by tears is my fear. Retail has somehow managed to...

EconRuminations

PLAYING THIS SHORT VIA PUTS: 16 JUL 2021 @ $9 PURCHASED @ $.73