Happy birthday next week. 62? I retired when I was 62.Del wrote: ↑19 Oct 2022, 08:04What is a "weak hand"? What is this "overhead"? Not familiar with those terms.sweetandsour wrote: ↑19 Oct 2022, 04:56 I sold some SPY yesterday when it spiked up to 375. I had what the analysts were calling a weak hand, and apparently I wasn't the only one. The so-called overhead held the price at 374. Today it'll be interesting; futures are showing a drop. The question will be where to get back in.
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The analyst I was listening to referred to folks that bought SPY at ~270-273 as having a weak hand. They didn't sell, and watched it dropped to 255, etc. He was looking at the volume traded at various prices, and as SPY was rising on Monday and Tuesday he speculated that the weak handed crowd would be happy to just break even or make at least a buck or two, hence overhead, preventing the price from getting above that price. Apparently he was correct.
More and more I'm becoming a day trader. My patience is thin.