At least i got rekt trading history. Fastest stock market correction in US history. Biggest single point drop in S&P and DOW history. Trillions of dollars of value and 18 weeks worth of gains wiped out innnn.. about 7 days? WE STILL HAVE ONE MORE DAY OF THIS. It's tragically ironic too because i've been so bearish since the summer essentially. I would get wiped out by a botched long position.
I've never traded anything like this before, and just like all technicals were essentially useless on the run up, they're turning out to be useless on the way down. Never did i think 360 S&P handles, and lop off almost $36 dollars worth of value from SPY. That's insane to me. But never have i traded a pandemic either. It's insane how fast that turn was. Just take a second and reflect what the hell just happened.
Tried to catch the knife, got rekt. Margin called today and wiped me out for the time being. I honestly have no idea what's going to happen from here. We literally blew through every single semblance of support (remember what i said about poor market structure?) and if we have another week of this we're in a bear market. NOW with that being said the only thing you can maybe hang your hat on was a possible capitulation, or finishing move just by the spike in volume. There was panic selling today. And every single news outlet is covering this rout. The sheer momentum of this move is what's made it impossible for me to play as an active trader. Trying to play this off pure technicals i underestimated the negative news aspect of this (even though we've all known about this for over a month now?). Like i said, never traded anything like this before.
But alas. I'm out currently. The news will get worse. Not sure if we'll bounce (We SHOULD though) or how far until then. Remember to wash your hands. Goodluck, and stay safe.
These are the weekly charts for all the majors. And it's only Thursday.
I've never traded anything like this before, and just like all technicals were essentially useless on the run up, they're turning out to be useless on the way down. Never did i think 360 S&P handles, and lop off almost $36 dollars worth of value from SPY. That's insane to me. But never have i traded a pandemic either. It's insane how fast that turn was. Just take a second and reflect what the hell just happened.
Tried to catch the knife, got rekt. Margin called today and wiped me out for the time being. I honestly have no idea what's going to happen from here. We literally blew through every single semblance of support (remember what i said about poor market structure?) and if we have another week of this we're in a bear market. NOW with that being said the only thing you can maybe hang your hat on was a possible capitulation, or finishing move just by the spike in volume. There was panic selling today. And every single news outlet is covering this rout. The sheer momentum of this move is what's made it impossible for me to play as an active trader. Trying to play this off pure technicals i underestimated the negative news aspect of this (even though we've all known about this for over a month now?). Like i said, never traded anything like this before.
But alas. I'm out currently. The news will get worse. Not sure if we'll bounce (We SHOULD though) or how far until then. Remember to wash your hands. Goodluck, and stay safe.
These are the weekly charts for all the majors. And it's only Thursday.
