Are we gonna get a face ripping rally with the FB IPO?
Fat Chance. It is not common to get a week long accelerating selloff that doesn't bounce at all by options expiration Friday. In the rare times that it does happen (e.g., January 18, 2008), it is a sign of huge selling pressure and lower prices. We ended up gapping down huge the following week. Aside from the October 2008 selloff, the selloff in January 2008 was probably the second scariest selloff I've witnessed. It doesn't get as much hype as the Bear Stearns March 2008 bottom or March 2009, but the speed of the down move was a prelude to a bear market. Expecting more weakness today as the capitulation gets closer.
You're not going to get a face ripping rally. This pattern has happened before. We will trade sideways next week, then get a retest of the broken necklines toward the end of the month.
ReplyDeletetvix spiking up 50% in 5 days
ReplyDeletedawg you in???
I am still bearish on this market. Let's see how the rest of the day trades. I feel like we'll be going even lower.
ReplyDeletewe have to bounce sometime, owl.
ReplyDeleteNext week we'll bounce, its not that far away.
ReplyDeletei covered my shorts about an hour ago. I agree, a nice 3-5% move next week.
ReplyDeleteI'm still short. Nice trade.
ReplyDeleteBUUUUY DAAAA FUUUCKING DIIIIP !!!!
ReplyDeleteI'm out. Don't want to mess with options expiration shenanigans in the last hour.
ReplyDelete