Hey Guys,
The market went down pretty low yesterday, but it bounced back by the end of the day and is up some this morning. The S&P 500 is around 4,285 right now.
Here is a chart of the S&P 500:
Notice the second-to-last price bar, with the yellow line under it. That looks like a "hammer candle", and sometimes those can represent the bottom of a price valley on a stock chart. It's almost as if the market was looking for the appropriate price, and when it got down to those depths, it met with a hard rejection (lots of buyers) that pushed it back up.
Does that hammer candle mean the market is about to go up? It might, but there's no way to no for sure. As with everything else in the stock market, nothing is guaranteed. But it's nice to see at least one sign of a potential rebound.
In yesterdays drop, I hit a couple stop losses. My TSLA stock position from the main account and my EXC stock position from the double down account both got stopped out. This morning I had a few stock positions reach their time limits, and each of them ended with a partial loss (OKTA, INTC, CVNA).
I have a bunch of options that reached their time limits today, so I'll be manually closing those right near the end of the trading session today. I've had some positions bounce back after being in the tank early this week, like HES. We'll see how they end up once we reach the end of the day.
I picked up some new positions today. In the main account, I bought stock for GSK. In the options account, I bought options for GSK. In the double down account, I bought stock for TAK. It was one of those days where all the stocks and options I bought had a pretty low price per share/contract.
If you have any questions or feedback, I'd love to hear from you.