OPEX today, not that it matters that much cuz every day is OPEX day now … and
how about that last hour selloff yesterday, that took “Stock Bellies” to new lows
for the day … as I have said many times, if you trade any of the “Stock Bellies”
indices, you can’t buy breaks in the late afternoon into the close.
Another day of reversals, double reversals, triple reversals, and who knows from
here … quite frankly, nothing matters anymore except who’s positioned in options
that expire in 3 … 2 … 1 … and then of course who’s getting their cashews
squeezed so that they have to do what they don’t want to do, but gotta do it
anyway to save the account [and their job] … looking across the board today, like
I have said before, we’re ALL “Spoos” traders now … doesn’t matter about your
specific market, cuz “fun-durr-mentals” don’t exist … if the “Spoos” go higher,
your market is gonna go higher as well, and if the “Spoos” go lower, yours is
gonna tank right along with it … and the faster the “Spoos” go in screwing
option shorts, the more wicked the potential in your market to eventually blow
itself up as well … mini melt ups and mini melt downs now the norm, here inside
the casino.
However, unlike before 0DTE options became all the rage, it usually took some
time for direction to play out … not any longer … turn on a frickin’ dime, trap the
unwary, squeeze cashews on the gamma shorts, and when the flow stops reverse
everything in milliseconds, and watch everybody cry … on the way up there are
no offers, and on the way down bids disappear … ain’t nobody willing to be the
pioneer who’s the first guy in the scouting party into Indian territory … and what it
leaves us is very difficult to trade, simply cuz 1) there are ZERO warnings,
2) prices explode quicker than you can see ‘em go on your screen and blow
through signals, and 3) if you push any button to buy or sell, you’re gonna get
screwed by the LP with slippage that would make Vito Corleone blush … in other
words, it’s all no rules trading with everyone scared to death of getting caught
the wrong way … which of course, almost insures they get caught!
Meanwhile, if you trade another market, there’s the correlation matrix you got to
navigate … how much is my market correlating with “Spoos”, and what happens
when the correlation suddenly ends? … only to see it come back after you get
out … all of course inside bullshit ranges that keep getting worse as the days /
weeks / months roll by … it’s 1 PM EST in New York, and we can’t even get a
fucking 30 index point range in the “Spoos” … how sad is this, and I don’t care if
it’s OPEX or not, 30 index points is pathetic … and that bleeds over to other
markets, cuz nobody there wants any part of being a hero and fighting the
“Spoos” and the “risk on / risk off” [RORO] bullshit that permeates everything.
Overnight I was in ETH for a while … simply dead cuz nothing else was going on,
so what’s the point? … not until the NYSE criminal open does crypto see any life
at all, and even now after blowing out some shorts on a short lived “Spoos” rally,
ETH range for the day subpar … before that, really subpar … and you realize it
doesn’t take much panic to get either new highs or lows, or FRICKIN’ BOTH very
quickly cuz there ain’t that much distance in price from any of ‘em, making
everybody extremely nervous … throw in the 0DTE idiots, and it becomes even
worse … and this is the state of trading today … for cryin’ out loud, THIS SUCKS!
I’m throwing in the towel on this stinking piece of shit for the day … no trades
today in anything … seriously, something is very wrong with the state of trading
… when you start getting a “Spoos” range of 30 points or so, it tells you how sad
this shit really is … panic trips up/down aplenty, with brief excruciatingly trips to
the highs, followed back to the lows, rinse and repeat … the only bright spot, as
far as I’m concerned is the ETHUSD trade at Coinexx … I watched it very closely
most of the day while “Spoos” couldn’t move to save its stinkin’ life, and in many
respects ETH reminds me of EURUSD, only with better trade dynamics and a cost
to trade that’s the LOWEST ANYWHERE … for traders like myself, this presents us
with a good dynamic cuz we have an advantage over others trading ETHUSD at the
major crypto houses, and that advantage is the fact that we can enter and exit with
profit while others can’t … our advantage is at least 3X by my calculus, and that
means we shouldn’t have to fight the crowd at the moment of trade execution … as
I said, no trades today for the PAMM, and it wasn’t for lack of effort … “Stock
Bellies” simply a fucking mess of chop inside tight ranges [again], and it becomes
worse than you think cuz the spread + commission + potential slippage makes the
cost very high to trade [2% - 3% of the stinking range!] and it’s either racing and
difficult to get in, or it’s as dead as Biden’s brain … and with “no rules trading”,
there isn’t anybody that’s sane that thinks it’s OK to hang on and add to losers cuz
nothing bad can happen … yea right … are they gonna tell you when they return to
normal ranges and blow your account apart at the seams? … the “Spoos” now
threatening a new high [again, after hitting how many new lows, AND MORE
REVERSALS?] … seriously, the “Spoos” need to seek professional help … as I
said, ETHUSD behaves similar to EURUSD, but it trades better and we don’t have
to deal with scumbag central bank manipulators and their BFF LP’s … plenty of
algorithm buy signals triggered today in ETH, but I was interested in the
dynamics of the trade for risk / reward reasons … this is necessary before I trade
anything, and since it’s been a while since I’ve traded ETH, which was years
ago back in its heyday of spec stupidity, I needed to do this for at least a day
… and since the early part of the day yielded nothing, and then came the NYSE
open, what we find is what I expected to find … and that is ETH lightly
correlates with RORO “Spoos”, but has its own personality … come next week
[Monday is Presidents Day, another useless / worthless Holiday that serves no
purpose whatsoever, other than give equally worthless government employees
and bank thieves another paid day off] I’ll be trading ETHUSD along with
“Stock Bellies” [if they move] … IMHO this crypto pair, with the trading
conditions given us, will definitely treat us well … blog update on Sunday.
… OUTTA HERE … “The future’s so bright I need 2 pairs of sunglasses 😎😎,
and my own Brinks armored truck” 💓!! … Onward & Upward!!
-vegas
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