Looks like the market is getting a pump from the idiot Fed in Europe talking about rate cuts again. Rates do matter, so that is real news.
Would appear that we're getting a three drives pattern and a wedgie. Expecting an exhaustion gap tomorrow. Look for indicators to go overbought and short the market, it's not worth chasing up here.
I got lucky and managed to dump all my puts for even money this morning (those stocks are now well in the green). Only have 2 positions right now, long on SMSI short on WORK.
No index positions right now, but looking to short maybe tomorrow.
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Both RSI and MFI close to overbought on 3 hr futures charts, looks to me like another pump and dump with the dump coming tomorrow or Thursday.
Afternoon trading has been pretty weak as of late, so there's a small chance it happens today.
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Market is now in full pumptard mode, I sold my WORK puts while I still had profits.
I think the market tanks on NFLX earnings AH tomorrow. That's my guess for now, will look at shorting stuff tomorrow. Carrying SMSI calls and stock for earnings next week, that's all for today because I think they pump futures overnight so that they can dump tomorrow.
Even if it dips this afternoon, not going short, end of day action isn't indicative of futures direction right now.
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It may not have followed my predicted pattern, but it looks like we'll get a FAANG stock futures pump now that NFLX managed to increase subscribers...
Stayed out of the market today, though I still have SMSI shares. Decided not to chase a whipsaw day, glad I didn't.
Fascinating time, isn’t? Algos chasing headlines...
hungry_hippo
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@SviCapital, some of it is headlines, some of it is just how the pump and dump algos work (and the media just attaches news to it).
None of it has anything to do with fundamentals, I think alot of it has to do with teh negative interest rates in Europe, they just keep pumping futures relentlessly. Look at the DAX, why is the German market 7% from ATH when the country is headed to a recession?
SviCapital
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@hungry_hippo, I agree. The market is a vehicle to rotate and make money. The fundamentals don't matter anymore. New high/low are meaningless numbers after all. Survive the one who makes timing entries/exits without consideration why the market is up or down.
hungry_hippo
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@SviCapital, yup, daya by day and ignore fundamentals. Crap like UAA and CMG trading at 100 P/E, money losing software stocks with 10B+ market caps.