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Friday, November 18, 2022

Market Update 11/18/22 Nov. Options Expiration Friday - Just Ahead Of Another Holiday - Thanksgiving

 I don't have much time this morning, so let's get to it! 

Seeing futures up, after yesterday's sell-off, and I still think there's a good chance we see the market dumped this morning, as investors run for the exits, in a mad rush to lock in profits, ahead of the holidays. But there's a much bigger reason we could see a bloody OPEX, and that's because there's a lot of money riding on that bet! 

When I first hear this story reported yesterday, I wasn't sure what to make of it

This morning I found this related - to options expiration volume - story, from Bloomberg  

Investment Giants With $2.3 Trillion Bet on More Market Turmoil 

The funny thing is, the $VIX actually closed down on the day, and this sets up for a backlash. 

There are plenty of bearish indicators and patterns to chose from including this one on the $RUT
$SPX - The short term looks like a bounce back to a lower recent high - bearish. The stop-hunt seems to be just below the 3972 level, with key EW support, at the previous high (3866) 

The larger view looks way more bearish, and even CNBC's Carter Worth, can see that much, and no doubt the fast money boiler-room crew is preparing to trash the market! 

Here they are showing their hand: 
I don't have time to check out the pattern C. Worth, is trying to sell here, but there is one chart I can debunk, and that's the oil chart he was seen peddling, on CNBC Fast Money last night. 

Watch the video clip for yourself: 


In unrelated news: Government agencies are now begin called upon to go after Elon Musk.  

Senate Democrats urged the Federal Trade Commission (FTC) Thursday to investigate Twitter over potential consumer protection violations after changes made to the platform in recent weeks under the helm of new CEO Elon Musk.

Have a great weekend, and happy Turkey Day!  


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