Line in sand

Lol, I was typing this message with "lines in sand" chart but the futures puked down to /ES 1392. Well, currently /ES stands at 1418. Remember the flash crash in 2010? The lowest level on that day will be tested later. In other words, sell the bounce in the short term. No TA here, simple common sense. Now that you know we will visit 1392 again, get ready for it. 1417 is the current support level but that will be broken eventually in the coming days. I am looking at the hourly chart here but closing price on the hrly is important as well.

Tomorrow is OPEX, so if I was short I would ring the register at least on partial positions because OPEX days harass both bulls and bears equally.

These types of "crashes" also teach us not to be short options, though they may be fat tail risk events. Accounts will be wiped out in an instance.  

ISRG

Currently no position. I shorted at 537$, posted live tweet on stocktwits. I covered at 495$. The ticker broke the trendline on high volume and is staring at the long term trendline where it will find the bottom. Why did I take the profits? I rang the register because I rode the ticker down 8% in just 24 hours. It could still go down but taking profits is healthy for the account. I expect the ticker to go up, kiss the trendline and back down again.

Gold update

I am looking for a bounce here at this level. However, the damage is done. Sell your short term positions on any rally because we are going lower on Gold and silver. Intermediate and long term positions are still good.