Podcast EP 108 Outside Reversal Day (Dec 20)

$SPY $QQQ $IWM $ES_F $VIX $AAPL $AMZN $META $MSFT $NVDA $TSLA $TLT $TBT

Dec 21, 2023

Transcript

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Show Notes

Summary of the day

That was fun! Selling was furious and there was no real trigger.

Other than we are way overbought. This also why I advise people to not pursue 1 day or 0 day options. If you were long 0dte at lunch time, how do you recover?

I know everyone is drunk on green every day for weeks. But this is a time to be fearful. To lighten up. I have been banging the table that insurance was basically free up until today.

Outside Day

A chart pattern where the high is above the previous day's high and the low is below the previous day's low.

Outside Reversal Day

A two-day chart pattern that can indicate a reversal in trend. Like with outside days, the second day's high must be above the previous day's high, while the low must be below the previous day's low. In addition, the second day must close in the opposite direction of the previous trend (e.g. in an uptrend, the second day must close down). This pattern is similar to the engulfing candlestick pattern, but requires the entire range (high and low) to be engulfed, not just the open and close.