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

"Record options trading", ahead of a $2t OPEX? Then how does Bloomberg explain the $VIX ending the day lower? 🤔

— Veteran Market Timer (@3Xtraders) November 17, 2022

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

The #Russell2000 will be bought at the 20 day ma. pic.twitter.com/IkWgQkvmKW

— Veteran Market Timer (@3Xtraders) November 17, 2022

$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: 

Best caption for the chart below?

When contemplating the image below, what comes to your mind?

Comment below to submit your own caption.

What comes to our mind is: “Bored yet?”

Join Worth Charting to see member's responses. https://t.co/RRxJAeLcgO pic.twitter.com/X7tvk57SYB

— Carter Braxton Worth (@CarterBWorth) November 17, 2022

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: 

Crude falling to its lowest level in over a month and is on pace for its worst week since August as demand weakens.

The Chartmaster @CarterBWorth is in the house and makes his bear case. pic.twitter.com/toQKjGiqxY

— CNBC's Fast Money (@CNBCFastMoney) November 17, 2022

Debunked! 

CW's trend line, isn't even remotely close. Beware of false prophets. #WTI Crude #Oil Chart, debunked pic.twitter.com/yPt7KyBHV1

— Veteran Market Timer (@3Xtraders) November 18, 2022

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. thehill.com

Have a great weekend, and happy Turkey Day!  

AA 

 

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