The stock market continued to bleed all this week with major tech stocks taking an exceptional beating. Both Facebook and Ali Baba made new 52 week lows, and Nvidia came very close to that feat also but managed to stay above $190, its current 52 week low is $180.58. It is hard to say when the blood shed will cease, but the Nasdaq, S&P, and DOW are all now currently at the support levels of their 3 year trend lines. If the markets are able to hold this level, then this would actually be a healthy correction, if stocks continue to fall pulling major indexes down also, then I think its safe to saw we are seeing a crash, but lets not panic, because as day traders we are able to make money whether the market is up or down by short selling stocks, and if you know how to trade options. In the video below we recap a few or our trades we made and alerts we mentioned in the trading room.
We did very well on HD buying call options early on in the week riding the uptrend momentum it was making one day, and then on Friday we spotted a double top forming early on in the trading day and we were able to get in at the right time and buy put options which made a very handsome profit. We also bought put options for NVDA after our alert we sent out regarding our prediction it was going to fall and find support at the $200, which is explained in the video.