This is a Cramer type of call, considering that the Futures are up 194… But, I’m thinking tomorrow might be a huge reversal day: - technically very oversold after 2 massive down days - short term shorts will want to buy back before the weekend - a chance Congress pushes through auto relief - no major economic indicators to be released - no good news is coming, but perhaps less bad news will… at least tomorrow. - Asia is bouncing Barring an unforeseen catastrophe, I’m calling a 700+ day.
I don’t know about today, but I expect an unprecedented 15% up day on the dow very soon, judging by the level of volatility in situations like this. If so, then some near out of the money calls might be in order.
What are near OTM calls? Would those be ITM calls? Futures are up 194 and the market has been pretty badly hit but if we’re up 500 pts by noon, you should start selling everything. Dead cats only bounce just so high.
JoeyDVivre Wrote: ------------------------------------------------------- > What are near OTM calls? Would those be ITM > calls? > > Futures are up 194 and the market has been pretty > badly hit but if we’re up 500 pts by noon, you > should start selling everything. Dead cats only > bounce just so high. Or they splatter on the floor and start dripping on the ceiling of your neighboors (given that they werent evicted/foreclosed before that)
For every point Bosy made there is a counterpoiint. I dont disagree with him 100%, but the flipside is just as easy - technically very oversold after 2 massive down days: this is not a new phenomenon lately - short term shorts will want to buy back before the weekend: and longs dont wanna hold thru the weekend - a chance Congress pushes through auto relief: or that it waits til Dec or never - no major economic indicators to be released: no chance for good news - no good news is coming, but perhaps less bad news will… at least tomorrow. - Asia is bouncing : US mkts dont follow asian markets that tightly Dont get me wrong, I would love a 700 day, but Fridays always make me nervous
Joey, Ameritrade actually has ITM, OTM and NTM, which are ones with strike price near current price.
Near The Money <> Near Out of the Money
I sure hope so…I will short every dead cat bounce.
Joey, near the money means near OTM or near ITM, so when you say near out of the money, it is understood you mean out of the money calls or puts with a strike price near current price. Admittedly, this is an Ameritrade lingo, but I got used to it.
I’m just messing with you - stop being so sensitive.
it’s ok, I actually just realized that this is not standard lingo!
700+ huh? you were off by about 650 pts. lol I wished it was a 700+ day though. As much as I love seeing some of these a-holes lose their entire life fortune, it also worries me that my future in finance is fked right now.
Not fair. He made a call, gave (intelligent) reasons for the call, and it looks like it will probably be wrong with 3 1/2 trading hours left. Oodles of great fortunes have been made by people with guts to make calls even though they turn out to be wrong.
Thanks JDV - This is why trading is tough. Although the first post made sense to me at the time, the market told me I was wrong. Guess who wins! 
Then again, if the market made so much sense - everyone would be millionaires. A more philosophical question here: If the market did bounce 700+ points right now based on who knows what, I would still consider my call wrong based on the premises above, but right based upon the point gain. Would then the call be right, or wrong?
The only call you make is then you hit that send order button
I agree. You make your call via orders, not voices. And your right or wrong via profits and losses. Thread closed
BosyBillups Wrote: ------------------------------------------------------- > I agree. You make your call via orders, not > voices. And your right or wrong via profits and > losses. This is why I like markets better than academe. However, it’s still useful to ask whether your profits are luck vs skill.
+250 at 3:15, hang on, you may be right.
bchadwick Wrote: ------------------------------------------------------- > BosyBillups Wrote: > -------------------------------------------------- > ----- > > I agree. You make your call via orders, not > > voices. And your right or wrong via profits > and > > losses. > > > This is why I like markets better than academe. > > However, it’s still useful to ask whether your > profits are luck vs skill. With enough repetitions, the difference becomes apparent.
Couldn’t market start rallying EARLIER? Would have made more!