All posts by uranium-pinto-beans

UnCharted Waters

Charts baby!  OM.com is ushering in a new way to share and discuss charts.   Like charts?  Follow the new optionmillionaires exclusive chart handle.  Charts 24 hours a day 5/6 sometimes 7 days a week.

I bet no one is talking about the Brady pattern on $AAPL's chart right now.

Charts, charts, charts.  An exclusive perk for the community.  Here is how to access the chart feed:

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Friday Focus: Bring It On

This morning's job report, which I was pretty darn close to guessing (it was 173k and 5.1%) , didn't change the current state of the stock market.

Heading into the pre-market report stocks were already 1%+ lower, and soon after the report they slid even lower.

The opening bell brought a quick spike higher but as the minutes passed stocks resumed their meltdown with nary a bounce until very late in the session.  A sharp short squeeze at the end of the session briefly lifted stocks off their lows, but they still ended with a thud.  There was no lipstick that was going to make this sell-off look attractive, especially heading into a long holiday weekend.

Last nights flash crash ended up being a wonderful spot to get out of dodge.  It's hard to believe prices actually came back to even after the mini-flash crash before succumbing to 17 hours of non-stop selling.

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Option Recap

A get your popcorn type trading session today.  If you were long from yesterdays close and sold at the top today..... awesome.   If you waiting until the top today to short for a massive reversal lower.... awesome.

If you weren't active today on most names, you got whipsawed, and for anyone owning OTM options.... it was a hair puller of a day.

The buyers of those $INTC OTM calls yesterday was up some $40k today.

Intel was up some 2%+ today.  These calls still have a few weeks to marinate.

Let's get into some more of the action today:

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