Boredom has seized the market. I can see it in the ES and NQ, which barely budged for most of the day. I can see it in the comments section, where the usual 100+ comments per post has been replaced with 20 to 30. People are falling asleep at their keyboards as we once again are in Pause mode, waiting for the {ferocious expletives redacted} Fed to do their Kabuki theatre show on Wednesday.
One glimmer of activity has been the story stock that everyone loves to hate, Beyond Meat. Who knows where it’ll wind up, but as I’m typing this, just a few minutes into their conference call, it’s definitely seeing some sinkage (although still insanely highly valued).
I erroneously thought this was BYND’s first earnings as a public company, but one of my Twitter followers was swift to correct me, as they always do. Looking at the SlopeCharts volatility chart, yes, I can see that plainly now. Just look at the volatility crush from last go-around!
I’m guessing the options sellers are going to come out just fine, whereas the options buyers will quickly realize that the sky-high premiums have vanished, and even if they were directionally correct, they’re not going to see any profit.
As for me, I’m in 48 different short positions and, like you, am waiting for Jerome to do his thing on Wednesday afternoon. It’s all about the SPY wedge at this point, folks.
