RTY UpdateRSI and MFI oversold. So are FDAX and HSI.
Assuming a Friday bounce on unemployment numbers.
M2K1! trade ideas
RTY UpdateHuh, I walked away from my computer and the algos start pumping, lol.
Hopefully they're doing the pump and dump, looks like it'll get overbought tomorrow then drop Thu, not sure how much. I can't imagine the market can melt up from here.
Will just wait for the market to get verbought at this point and short something tomorrow for a one day play.
CPE Friday, I have no idea which way the market goes.
RTY UpdateMFI hit oversold and bounced.
Yields climbing, dollar rising. I'm shorting gold with a few puts, lightly into some stocks as a short term play. No call options though, if it whipsaws sideways you lose money with options.
Tomorrow is Ponzi Friday so I expect the market to go up tomorrow, lol.
RTY UpdateI said this morning it was oversold. Finally showed some life in the afternoon.
I don't plan on shorting anything until RTY MFI hits overbought. at this point it looks like Monday or Tuesday.
I've got enough cushion on my long positions to hold until tomorrow. Probably going cash for the weekend.
RTY - Russell 2000 - med term top imminent?I believe the stars are aligning for a decent med term short for stonks
Fundamentals are poor - inflation and rates higher for longer (not factored into earnings yet)
Sentiment is extreme - note recent sentiment surveys all extremely bullish (greed) contrary to market perception
Bears have been capitulating - note short covering rallies (stopped out) in heavily shorted names
Technically RTY looks like a classic triangle consolidation (B/X wave)
Short 1880, stop 1980, looking for 1500 or lower (4 to 1 R/R) coming weeks/months
NOT INVESTMENT ADVICE
RTY MFI OversoldThe least reliable of the indices, but RTY MFI is oversold. ES and NQ aren't even close, but they aren't moving much. Flipped my shitcoin (BITO) puts at open which is why I was late to post. Too bad I shorted BITO instead of COIN, that would have been some serious money. Disappointed in the gap down, much smaller than I hoped for.
Staying cash today unless I see a good trade, not expecting the market to do much today.
RTY UpdateCryptos and small caps pulled back, Europe and China were red this morning. ES and NQ are still overbought though with no pullback.
Could very well be a melt up, still short on shitcoin through BITO puts. Nothing else, don't feel much like trading this week. Made decent money last week despite closing early on Friday, seems every time I make money I give it back to the market, lol. Might be easier to wait until MFI indicator goes oversold again and snag the next pump.
Bearish on crypto because it looks like Asia and Europe are throwing in the towel, garbage trades 24 hours and the Asians own a lot of crypto. 3hr indicators are oversold though, not sure I'd recommend opening a new short position.
RTY LongDebt ceiling bill comfortably passed in the house and expected to pass in the senate. ADP #'s are positive. Equities expected to go higher today.
Lower DZ is stronger.
- Trades taken using confirmation entires have a higher probability for sucess.
- Using an initial 1:1 target is recommended for reducing risk.
- Short-term income trade ideas are good for the day unless otherwise stated.
*** For educational purposes only ***
RTY UpdateMFI hit oversold. NQ RSI is almost overbought on this huge pump. Remember ES is in the whipsaw zone again.
I'm probably not trading today or tomorrow. Reducing the number of trades I make since the market is going sideways, and I'm not really making much money.... I'll put up a post, but it's still tracking that big blue arrow, lol.
Since I'm expecting sideways whipsaw, no daily update unless indicators hit oversold or overbought.
RTY UpdateHit overbought on RSI and MFI, but I think it's a pump and dump. Expecting a gap up tomorrow, maybe dump on Fed minutes?
Keep in mind RTY can go way overbought or oversold, least reliable of the index indicators. TLT already looks like it's hit bottom, so I don't see a tank coming either way.
