What a pisser, huh? The market plunges into a free-fall and then rallies like mad. But this is absolutely zero surprise. I tweeted this out at the opening bell………..
That distrust is precisely why I dumped the ONLY short-dated options I had (September SPY puts). So I’m back to pure January 2023s again.
As I’m typing this, the /ES is exploding toward its failure point. It’s actually GREEN at this very moment.
The /NQ behaved perfectly, because it plunged to its FORMER RESISTANCE LINE which is now clearly SUPPORT. Honestly, just look at that. It’s to the PENNY.
The only sliver of potential hope for the bears is what’s happened the /RTY, since we may have a trend change.
So I’m glad my distrust of this market helped me protect some profits and not do anything foolish, but Jesus Christ on a Pogo Stick, can’t this market manage to FALL anymore? It’s goddamned maddening.
