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In recent days, I’d give my charting a grade of “A” and my trading execution about a “C+“. I have been, on the whole, doing NOTHING with my positions (which is good), but I definitely mucked things up a bit monkeying around with those short-dated SPY and QQQ puts. Just look at this minute bar chart of the /NQ and see how the explosive move higher was absolutely blown to smithereens. I watched the puts I dumped both go up triple digits. Not a good feeling!
In case there was any lingering doubt about how much influence the present Fibonacci level has over the value of the S&P 500 futures.
Elon’s pledge of a cage match isn’t helping the fact that his primary asset, Tesla, is succumbing to the weight of the trio of Fib retracements. What was support is now resistance. It’s an easy tumble to about $220.
It’s a good morning so far. The empty-headed bulls fell all over themselves buying this “cheap” market (actually the most overvalued in history) to crank the /ES up to PRECISELY, I say again, PRECISELY, the Fibonacci. That’s when I gobbled up IWM puts like a pig.
The next twenty-four hours are going to contain the final burst of planned excitement for a while. This comes in the form of a triad:
Apple, of course, is the largest company in the universe, and although they are far too old, large, and lumbering to produce any real profit shocks, they’ll surely trot out something – – anything!! – – to goose the market, probably in the form of something which USED to be illegal: that is to say, a huge stock buyback. I mean, face it, the incremental improvements to the iPhone have become a joke, so they need to take a different tack.
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