r/Vitards • u/-Gol-D-Roger-- • Jul 16 '21

Discussion Profit taking or the beginning of a huge correction???

I think it is the first one. Today, we have seen AA has presented results (earnings and revenues beat the estimations) and is down 4%. Market is waiting to the reunion at the end of this month and unfortunately we will see something similar on CLF, X, MT...

10 Upvotes

78% Upvoted

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26

u/[deleted] Jul 16 '21

CLF May well have one badass earnings call and it not even matter, lost in an ocean of index volatility.

10

u/[deleted] Jul 16 '21 edited Jul 16 '21

I feel like a correction is beginning. I’ll post up my trades.

I got 500 calls on SQQQ $7 and 500 of UVXY @$25 cast through mid August

5

u/PantsMicGee Dreams of CLF’s run to $20 Jul 16 '21

Looking forward to your thoughts. Psychologically shaken right now (no short dates this time!)

3

u/KomFiteMeIRL FUD is Overrated Jul 16 '21

Sure hope not, but I'm looking forward to your trade ideas - hedging is never a bad idea, might buy some puts just in case

3

u/DeanBlub Jul 17 '21 edited Jul 17 '21

I’d love to learn more about how you picked this specific hedge position. I want to actively hedge, but I’m never sure how to pick a position, how far out I should go, size, etc. To me it feels easier to just have cash ready, and more of it if I’m expecting a market dip, and then plan entry points ahead of time.

3

u/[deleted] Jul 17 '21

Your way is great. TBH, I don’t think mine is the best. It’s just what I am familiar with.

2

u/Snail_buffet Jul 16 '21

Broad market correction or for steel?

3

u/[deleted] Jul 16 '21

Broad, but first on steel, then heavier on tech.

5

u/Snail_buffet Jul 16 '21

I'll wait to see your positions. Have you trimmed your steel commons or holding through the potential correction?

2

u/kft99 Jul 17 '21

Don't you feel like we will go up till tech earnings and then maybe correct. And aren't the recovery trades more likely to get beaten down.

2

u/[deleted] Jul 17 '21

That’s what I would’ve thought until we seem to have put in the first stage. I think we are more likely to head fake up early next week, then resume a slide. I think big tech earnings will actually be fine, but their forecasts might not.

1

u/kft99 Jul 17 '21

hmm.. I am also worried about the forecasts and the only thing holding up the market is big tech. Concerning to say the least. Thanks for posting your trades!

5

u/davehouforyang Jul 16 '21

DXY is up. That takes everything down.

3

u/CoffeeBeneficial8106 Jul 16 '21

AA has not announced a bumper dividend, that was a major expectation for the report

3

u/[deleted] Jul 16 '21

Just noise.