Imminent and severe market correction

[CanOz]

Yes, I had a long iron condor on GE, and I got out of the short put last night, because I didn't like the way it was trading. I thought it was precipice material.

So I was left with a bear call spread on GE with a put.

Have had a bear call spread on C all week, and am short GLD.

I think that if you can manage those positions then your risk at least is clearly defined, reminds me of WayneL

The buck is on the move again Chops!

COz

 

[Trembling Hand]

I've been throwing my little matches into the fire all day (SPI, GC, HSI, Z, Dax). Bloody hell my trigger finger is swelling.

Very hard time to hold a position. I have shorted then covered then shorted lower again & again all day/night. Just another amazing day in paradise hey!!

 

[chops_a_must]

I think that if you can manage those positions then your risk at least is clearly defined, reminds me of WayneL

The buck is on the move again Chops!

COz

I have virtually no risk to manage now, which is how you want every trade to be.

And I can have a "free" crack at some things now, aim for some home runs, like with the long put. I don't think I will though. No need to get greedy.

The decisions for me will come next week some time I would imagine...

 

[CanOz]

I have virtually no risk to manage now, which is how you want every trade to be.

And I can have a "free" crack at some things now, like I did with the long put. I don't think I will though.

The decisions for me will come next week some time I would imagine...

When you think the medium term view will come into place and the volatility has peaked?

COz

 

[chops_a_must]

When you think the medium term view will come into place and the volatility has peaked?

COz

The volatility will probably peak acutely tonight. Which will keep me from getting out of some calls. But I'm still very much a novice, so take what I say with a grain of salt...

Doesn't mean that things wont keep going down, more of a matter of timing leaving the trades, to make sure the maximum, or minimum volatility is priced into the option at the time of leaving the trade.

Would love for Wayne to be here now...

There is a thunderstorm here to complete the atmosphere...

 

[kingbrown]

energy stocks getting hit !
oil down down down !!!

capitulation ?

 

[Trembling Hand]

There is a thunderstorm here to complete the atmosphere...

LOL. Bit of heat building up!!

 

[CanOz]

The volatility will probably peak acutely tonight. Which will keep me from getting out of some calls. But I'm still very much a novice, so take what I say with a grain of salt...

Doesn't mean that things wont keep going down, more of a matter of timing leaving the trades, to make sure the maximum, or minimum volatility is priced into the option at the time of leaving the trade.

Would love for Wayne to be here now...

There is a thunderstorm here to complete the atmosphere...

Although i really couldn't give a flying rats ass about being right or wrong, i would like to be able to get a feel for the markets, and i think its time like these that help that ability. FWIW, i agree, i think the volatility should peak in the near term.

Cheers,

COz

 

[chops_a_must]

LOL. Bit of heat building up!!

Scalp that biatch! LOL!

 

[BentRod]

Would love for Wayne to be here now...

Me too


Not sure if already mentioned but have you guys noticed this is the same date as the 1929 crash?

Oct 24.

 

[chops_a_must]

Although i really couldn't give a flying rats ass about being right or wrong, i would like to be able to get a feel for the markets, and i think its time like these that help that ability. FWIW, i agree, i think the volatility should peak in the near term.

Cheers,

COz

I agree. Trading almost full time December and January taught me a lot about feel in the market.

If something doesn't feel right, go with your gut instinct. And it's times like these that you notice it so much more, and need to trade with it.

 

[nunthewiser]

well well well . aint life intresting!........ futures trading stopped from too much ............ global co-ordinated melt down ......... plans in place how to close markets if it drops certain % in different time frames ..........

thank gawd im a drinkin man and can say a toast for what we are about to recieve

amen
anun

 

[CanOz]

Me too


Not sure if already mentioned but have you guys noticed this is the same date as the 1929 crash?

Oct 24.

Bent, i was thinking that day had some sort of relevance in history, but i couldn't remember why...thanks! Different days though they didn't have a way of pricing things in before the market opened, did they?

COz

 

[chops_a_must]

well well well . aint life intresting!........ futures trading stopped from too much ............ global co-ordinated melt down ......... plans in place how to close markets if it drops certain % in different time frames ..........

thank gawd im a drinkin man and can say a toast for what we are about to recieve

amen
anun

We better just hope the pineapple has some lube...

 

[theasxgorilla]

Me too


Not sure if already mentioned but have you guys noticed this is the same date as the 1929 crash?

Oct 24.

I must admit, from my busy little place in the "real economy" I hadn't noticed...you get the feeling it's going to be real bad.

 

[chops_a_must]

Canny... open the book trader for the ES on IB.

Sit back, relax, watch and giggle when you shouldn't...

 

[kingbrown]

new york stock exchange chief on fox live looks a bit
pannicked

ding ding !!

 

[chops_a_must]

Not nearly enough blood...

 

[dhukka]

yep very orderly, the limit down in the futures was a tad misleading

 

[THE BUZZ]

word of the day,

ca·pit·u·la·tion (n)

1. The act of surrendering or giving up. Surrender.
2. A document containing the terms of surrender


were all screwed???

great thread , keep 'em posted , many thanks.