The propaganda & corruption never stop … not in government, and surely not in
trading finance … can’t hardly wait to see the new levels of 0DTE terror the
manipulators got planned for today.
Of course, what they got planned are called reversals, double reversals, and on
occasion triple reversals … you don’t know when, but you sure as Hell know it’s
coming … and it comes fast & vicious … now into the New York afternoon, and
it’s hard to generate much excitement for the “Stock Bellies”, as they basically
chop around doing nothing except burning specs … the “Spoos” particularly
rather pathetic … but, and this is important to remember in the new paradigm of
0DTE, a lot of the action comes in the last hour when there’s no time to
expiration and gamma squeezes are epic … but at least for now, today’s trading
is a non event.
Pre market, all we saw was price strength … then the NYSE open came and since,
all we’ve seen is price weakness … any and all upside momentum in the NDX100
has been paltry and pathetic to say the least … at least so far, there isn’t any
interest in buying except some periodic and short lived short covering, and when
that’s done, “Thelma & Louise” show up very quickly and it’s time to move to the
bottom of the quarry … it is literally amazing to me to watch these gigantic swings
in sentiment happening so quickly and abruptly, and at the drop of a hat … if you
ever needed proof of manipulation, this is it.
Meanwhile, over on ZH, all I see is “pearl clutching” among the stock jockey
crowd … is the tech rally over? … is inflation dead? … can we rally from here, or
do we roll over and get smacked again? … a large put buyer in the 2/17/23
expiration at 4050 has the market “spooked” today … quite frankly who cares,
but it does show the lengths of despair when the BTFD crowd doesn’t get their
way, and others are buying protection hedges or outright shorts on economic
data about to show up next week in the CPI numbers … then of course, we got the
0DTE lemmings, who on command go “over the cliff” on any movement that
threatens their beloved iron condors and/or put/call credit spreads … which by
my calculations happens about every 2 hours … hoping and praying nothing
moves, how’s that strategy workin’ out every “Hoover Dam” day? … seriously,
you gotta be nuts!
And here we are at 1:30 PM EST, and after busting cashews all day long to the
put credit spread ODTE players, now it feels like it’s the call credit spread players
turn to feel the heat … like I said, you know it’s coming but you don’t know the
how and when … specs are in the options and the dealer scumbag banks in the
cash market, so does the dog wag its tail or does the tail wag the dog? … for the
last hour, it’s been the “Loser Formation” after that drop to new lows, and while
the New York session range in the NDX100 has held up rather well, the “Spoos” &
DOW30 act and trade like corn or oat spreads … where the Hell are the ranges in
those markets, and where have they disappeared to? … and what you’ll notice if
you look carefully at the “Stock Bellies” complex, is that on days when it rallies,
breaks are hard to come by and don’t last very long and it takes nothing but a
squirrel fart to get them to move higher … but when the role is reversed and it’s
down action, getting any upside momentum is like finding unicorn meat at the
supermarket … and when the short covering is over, they smack the shit out of
the NDX100 faster than you can say, “WTF was that?” on a 20 index point hit in
about 2 milliseconds … there isn’t anything remotely smooth about it … “it was
up here, now it’s down here … enjoy!” … 20 to 30 minutes to crawl up, 2 or 3
minutes to take it all away and then some.
Now I realize, “Stock Bellies” aren’t every traders “cup of tea” … there are still
plenty of you that are hooked on FX, and are diehard EURUSD, GBPUSD, &
USDJPY traders … no problem, the trading algorithm has you covered … most
likely they are correlating with the “Spoos” anyway in some kind of “risk on / risk
off” [RORO] matrix from Hell … ditto with crude oil, and if we had an oil CFD that
could compete with futures, I’d be there … but we don’t … but if you do trade oil
futures, the algorithm is exceptional.
About 2 hours to the NYSE close, and we can’t rally and we can’t really break
… just more of the same sideways bullshit that frustrates traders everywhere
… it’s Thursday, and outside of the triple reversal day on Tuesday 2/7/23, trading
action has been a complete bucket of shit … race up, turn on a dime, race down,
turn on a dime, rinse and repeat … the entire week has been a mess, and quite
frankly, we haven’t really gone anywhere of substance … that could be changing,
as it feels to me like upside momentum is waning in the face of FED calls for rates
to be higher for longer … higher rates for the NDX100 is like garlic and the cross
for a vampire … they tend not to do well together! … so, we’ll see.
About 90 minutes to the close, and the NDX100 is hitting a new low for the day
… par for the course after hitting a new high near the NYSE open … ho hum, just
another reversal day … price today not giving a single solitary buy signal once
stocks opened … unreal … just a slow walk down the hill with some red spikes
from Hell to the downside sprinkled along the way … literally ZERO upside
momentum once the opening bell came … looks like that large put buyer in the
“Spoos” is on to something.
No trades today simply cuz we got no buy signals … kind of strange, but welcome
to “The Twilight Zone” where anything can and will happen … onto tomorrow!
… 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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