c505218304b50c59c3659f6dda43bae7-links-0–>After consolidating with 2200 ES as baseline support, we touched 2012 ES overnight, and pulled back just slightly to 2207 before blasting towards 2040ES. I expected a rally, but certainly not this far. I was thinking more in the 2220-2225 region, but we went 15 points above that.
Our QQQ bull put spread on the Nasdaq is now 75% of its way towards max-profit (currently up around $900, with max profit at $1,200) with a very high probability of going all the way, depending on whether we want to hold through expiration or not.
Also, our long term SPY calls entered from October 13 have well more than doubled – we cashed out half of our position for $300 in profits there. Letting the other half ride out for now.
Today’s S&P500 Hourly Chart
We finally got the breakout I’ve been waiting for. With these trending breakouts, holding long calls are perhaps the most efficient strategy from a percentage change perspective. The tricky part is knowing how far the trend will extend and actually holding through.
For IWM, for example, that thing has been exploding higher and it’s scary to buy high, but it just keeps going higher. My IWM calls are up 400% in some cases, though I have to admit I’ve been selling pieces too soon, especially with the last few days just going berserk up. Today marks a day of catchup for the S&P and Nasdaq.
Yesterday’s S&P500 Hourly Chart
This chart prediction was correct as we tested the 220o region and consolidated in the 2210 region before blasting towards 2240 ES.
While I suggested the possibility of a (C) wave down, I said in my previous post that my inclination is that it will hold above 2195 and that is indeed what happened.
Silver Daily Chart: Prediction
To members back in October, I posted in Whatsapp a chart preiction for Silver
You can compare the above prediction sent to members ahead of time with what actually happened – basically predicting a rally wave ‘iv’ and then a drop wave ‘v’ that would touch 16.35 — this is back when silver was at 17.58.
Silver Daily Chart: Actuality
We indeed got the 4th wave up towards 19 and the 5th wave down. In my chart prediction above, I predicted 16.35 — the actual low was about 20 cents lower at 16.15 (assuming we do not turn back down lower). Certainly in terms of timing, I was off – but that 16.35 region was a general buy region.
The actual low was made at 9pm EST Thanksgiving Dinner time – as predicted earlier in chat as well as in our podcast episode: http://www.lifestyletrading101.com/2016/11/26/thxgiving-weekend-nov-trump-election-impact-on-financial-markets/
For gold, my prediction for the low being in at the same time at Thanksgiving was wrong as gold continued to make some more lows and is still struggling. If it has bullish intentions, it would have to show them soon, otherwise, something else may develop.
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