The Big Red Day

Lets not waste time. Today was a flush, stocks tanked. Is it over? Well we will have to wait until next week to find out.

DOWN down 0.70%
SPY down 1.32%
NASDAQ down, ready?? 2.24% #ouch

I wont go on a rant but I will go on the record as I have in past that I truly honestly believe in my heart, my mind and my soul some of the Feds actions are “misguided” to say the least. Jamie Dimon of JP Morgan isn’t a fan either… 2 years ago Fed Chair Jerome Powell spoke on a Wednesday, the market gave up a little.. Then 2 days later at an “unscheduled” event St Louis Fed President Bullard spoke as happy as a 3rd grader getting a new bike simply to “reiterate” the Feds intentions… Ohhhh okayyyyy…. Conspiracy theorist I’m not, able to read a room I can do pretty well. If there is one single thing that the market hates it’s uncertainty. I’ve said that before, not volatility, but uncertainty

I’ve also said that we are “reactionary traders” here at theoptionscoach.net and we are. We’ve been eyeing new set ups and managing what we already have in place
 
META which I highlighted yesterday broke south of 555 and closed at 554. 😁 We would welcome a reversal at this level since it’s now at the bottom of the box and could give us a great entry. 541 is next major support. We won’t know until we know. META isn’t going away, it will have to prove itself before we enter, but we love how tight the box it’s forming is

COST, nooope, do you think that they are just not giving us our entry because they are personally mad at me?? lol…. 😆 I will be looking at all brand new trade prices for it going into next week and report back Sunday night with those….

AMZN Ouch, just ouch…. I spoke in great detail this week about exiting positions when they go red. If AMZN drops any further I’ll be exiting some

SFM yes still holding

GRMN is in a funky and clunky place. Depending upon your entry price if you entered it maybe its time to trim some profits, maybe half at least? 203 is next Support then 200 after that.. Bounces off of this current price area on Monday would be a hold signal

HD Still holding, like I said this morning lets let it stabilize before adding any more
Even for someone like myself that trades Options every day it had some weird Options action today. Buying here, selling there, kind of uncertain hit and go if you will. Same EXP dates but different Strikes, very weird stuff. I will say this, most of the buying seems to be very close to the “moneyness” a few Strikes in and a couple going out. Past those far far less and maybe some selling too

GEO That High Tight Flag formation that I spoke about this morning played out. Congrats to all of you longs

Years ago I knew a guy that had played ball for the Denver Broncos
“Big Game 50” was FEB 7, 2016
Manning VS Newton
Old Maverick VS Young Gun
My buddy said no way Manning could do it, it was a young mans game
Peyton Manning won ring #2 that night
Tonight is the most anticipated fight of the year
“Iron Mike Tyson” VS YouTube star Jake Paul
Joe Rogan was quoted as saying that Paul had it placed in the contract that if Tyson knocks him out Tyson doesn’t get a penny. I hope that’s inaccurate

The markets reflect life, I’ve always said that, always will
New things, fresh ideas will come along, we need that
But old school strength often wins with it’s knowledge of the game
A little beaten and battered maybe, but victorious none the less
This week was rough for many investors, but it’s just a week
And next Monday is the start of a new one, a new game if you will
A chance to do it all over again, and if we play the game right, a chance to prevail

Go get outside in nature this weekend!!! I know that I will
Be back on Sunday night

The Options Coach