ES Update

3 Apr

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.

4 Apr

Nota

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.

4 Apr

Nota

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.

4 Apr

Nota

LOOKS LIKE CONGRESS MIGHT BLOCK TARIFFS

abcnews.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.