Good morning, everyone. Equity futures are up a little this morning, about half a percentage point as I’m typing this. It’s fascinating to me how the /ES has been steadfastly climbing along the underside of the lower right trendline of our diamond pattern. Indeed, Jesus has performed a miracle here, because he has turned a Diamond into a Fish (well, let’s be classical about it – – the shape is the fabled Ichthys pattern, which we’ve seen on rare occasions throughout the years). Clearly the “Thanksgiving week is always bullish” crowd is keeping things lofty.
The /NQ is ambling along, and although it is green as well, I’d like to point out the right triangle pattern in the works. One medium-sized shocker would break this sucker.
As it is, though, people are calmer, and calmer, and calmer, as the volatility futures wither away within spitting distance of teen-land.
It’s interesting how crypto hasn’t managed to weaken equities lately. I woke up to an alarm that Ethereum had broken to another low for the year, but it didn’t last long. Oh, and speaking of alarms – – I saw someone (I think NYUGrad) post a poll asking if SMS SlopeAlerts were working, and most folks said no. Fellas, please, just write me. I promise I’ll take it seriously. Me finding about it through a poll result was kind of amusing, but I don’t want to waste your time. Suffice it to say, we’re on the case.
As for my positions, it’s same old, same old:
- 25 bearish positions, all of them long puts;
- The puts expire as early as February 17th and as late as June 16th, with the average days until expiration being 129;
- They’re all in the money (on average, over 80% of present value is intrinsic);
- Most profitable one right now, by far, is TSLA
