Gap is still open but market is cycling down. RSI is not oversold yet. Probably a bounce when RSI hits oversold, but I don't expect a big one until the daily gets oversold.
Market took such a big shit that firms had to sell gold futures for to cover losses and margin calls. So gold is red now as well. SO that play also appears to be done. Too bad I didn;t just short something before close like XLF or AAPL.
Gaps are so huge, I have no idea how to play this. I don;t recommend going long today though, unless its just a day trade.
Market took such a big shit that firms had to sell gold futures for to cover losses and margin calls. So gold is red now as well. SO that play also appears to be done. Too bad I didn;t just short something before close like XLF or AAPL.
Gaps are so huge, I have no idea how to play this. I don;t recommend going long today though, unless its just a day trade.
Note
Holy cow, I highly recommend reading the details of the tariffs. They're absolutely HUGE.No plans to go long until next week at the earliest, and even then just day trades.
Note
IMPORTANT NOTE:I keep saying all futures gaps fill, but I need to mention that the first COVID futures gap took an entire year to fill. I lost
25K betting that it would fill, and finally gave up.I'm gonna be on the sideline, because I am NOT going long after reading the details of the tariffs. There is absolutely no way that any company that sells physical goods (like iPhone or clothes, etc) can match last years profits with such huge tariffs.
SO anyways, this gap may not fill until Trump leaves office or rescinds the tariffs or gets blocked by Congress. If it does fill without any of those happening then I am shorting teh market like crazy.
ALL CASH right now.
Note
LOOKS LIKE CONGRESS MIGHT BLOCK TARIFFSabcnews.go.com/Politics/senators-introduce-bipartisan-bill-limit-trump-tariffs/story?id=120453972
They already blocked tariffs on Canada, I think the market might bounce tomorrow on hopes taht congress blocks all of them.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.