$SPY New Lows
SPY.. we finally broke down from the Feb lows… and put a new one in. We have been talking about this in the group for awhile so we kind of expected it. Now we get to see if we get a nice dead cat bounce.. With more downside.. Or perhaps we will find out if we have seen the lows. With the way the macro environment has been it is really hard to tell. We will just keep doing what we are doing… making sure our risk reward is picture perfect. Today was a great day to play both sides. Lots of opportunities. I took a much needed break today but still popped in to share my thoughts about a short if we pop into the 416 level. It paid nicely. 414P went from 1.5 to a high of 8.82 just a point shy of our 404 level. If you flipped long down there you could have done about the exact same thing. This is great for our new 1000 dollar bet concepts. 1000 would have turned into 6948 using 9 contracts (assuming max gains) INSANE!!
$TSLA Dip And Rip
TSLA had a great rally in the morning.. And if the markets do end up finding a bottom.. It's setting up for a great potential swing. TSLA has been very resilient in these turbulent markets. It made new lows into our 850 level.. And it held spectacularly, it then made a nice almost 50+ point move to our 900 level. 900C gave us almost a perfect double. BOOM
AMZN got stuck in a nice wide range today providing lots of opportunities in both directions. I wonder if it will soon find bidders.. It is Amazon afterall.. No one quite prints money like them and Apple. No matter.. We find plays in both directions. The opening drive play on AMZN could have made you very profitable in just a few minutes today. It opened under our 2465 level for the short.. And stopped mere points away from our 2350 area.. 2400P moved from 45 to 92 in a blink of the eye.
Two Hour Trader Student Results
We love to see the start of new months... let the compounding continue.