The market continues to act strangely, as of late, basically ignoring the elevated $VIX. One reason could be that Calls are being sold, as the market is allowed to be run up, in preparation for a big dump.
OPEX is only in 2 days and as far as I am concerned, the market bulls have not paid for protection, so this could be one of those rare OPEX dates, where volatility explodes, in a surprise sell-off.
Although it's possible that the rug is pulled out this Friday (OPEX), it's far more likely, that we're going to see stocks hold up for another 2-3 days, because the manipulators are bullish, and the bulls usually win, especially in a rigged market, ahead of a holiday. As I said yesterday, the market could be held up into the end of the year, just to help Joe Biden's approval numbers.
I did manage to catch a little short squeeze in Natural Gas yesterday, and I was up 11% in my $BOIL, when I finally took profits. So I made more in one day, in that trade, than the #SPY bulls have made in the past month.
NatGas - alerted to the fact that it was short term bullish, on Monday. Nobody liked that tweet, and probably most traders didn't make out, like I did. Sometimes it pays to be the contrarian, and yesterday was one of those days.
Bullish short term - oversold. Bearish long term.
— Veteran Market Timer (@3Xtraders) November 15, 2021
Not much direction lately pic.twitter.com/T30NKUEem7
In the news:
Germany Hits New Infection High As Fourth Covid Wave Rages (www.dw.com)
So why is the $DAX green? Because it's not time to pull the rug out, yet....
Also still waiting for the top in the $USD, and that top should coincide with bullish ($USD) News.
We're seeing the $USD pierce the 85.979 level this morning, and that's looking awfully toppy to me.
$USD - counts 5 waves
Also looking at a possible top in $SOX
$SOX - looks like a suckers rally into a headfake wave "B". Powerful wave C to follow - possible 20%+ daily moves in $SOXS!
$SPX - Support looks like 4545 - easy to remember
Good Luck, AA
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