Good morning, and Happy Friday, Slopers. (Actually, I vastly prefer the workweek, so perhaps the bon mots with respect to Friday isn’t called for). Anyway, in spite of the insane Tesla and Amazon surges, the resistance line held vast, and we’re looking at double-digit red on ES and NQ now.
Of course, with the AMZN explosion, I just had to peek over at the lunatics in WSB land, and sure enough, there were a couple of gambling addicts showing they had put their life savings into AMZN call options that expire today which are going to be up many, many hundreds of percent this morning. Some of the profits approach a million dollars on a single trade. Better to be lucky than smart, right?
We now start the wind-down phase of the earnings season, which is kind of a shame, since it is by definition a period in which actual facts and information help drive prices instead of rumor and innuendo. All the same, it’s been a good month for me, and I hope, on the whole, it has likewise been solid for you as well.