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Good morning, Slopers, one and all. We start the pre-market off a little in the red, with all the stock futures down just a touch (about one-fifth of a percent; whoop-de-freakin’-do). The market continues to feel directionless, still gasping for breath on the heels of its Mag-7-Driven 2023.
Do you think Nvidia is going to fall this afternoon? Would you like a way to profit off that without suffering the dreadful IV crush? Are you tired of me asking you rhetorical questions? OK then!
I suggest you take a look at AMD. My view is that if NVDA tumbles, AMD will as well, and it has the advantage of (a) not being so insanely packed with options premium (b) not being anywhere near lifetime highs (c) actually having a logical resistance level.
Well, folks, the market really needs to cut this nonsense out, or my bearish ways or going to get vanquished. We are mashed right up against a major Fibonacci resistance level on the SPY, following the mega-rally on Friday.
Keep an eye on the Fibonacci level with respect to the Utility $UTIL index to see if that provides firm support.
The tremendous rise on the NASDAQ last week got everyone into “The bull is BACK!” mode. Well, let’s wait and see about that. I’d like to quietly point out the important Fibonacci 23.6% level at 15284, and we managed to get to 15228 at Friday’s peak.
