Futures looking wedgie, but indicators are acting weird. RSI almost overbought while MFI went oversold earlier today. Not sure how that even happens, did the market really buy into this futures pump and dump?
Bought a bunch of puts today, but mainly in overbloated or crap stocks. No index position, just like to see what I'm fighting against.
Tomorrow is options expiration, and I think that takes the market down a bit. Market has gone down every options expiration since Feb. Also, it looks like Euro stocks reversed this morning from their 2 week pump, all Euro indices threw gravestone dojis.
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Just bounced off the lower line, we might actually get some movement here if it loses the line...
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Lost the line, looks like the Asians aren't going to pump tonight, it's up to the Euros to determine the morning gap as usual
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LOL, damn I'm good. Not sure if it;s gonna hit my target or not, closed most of my positions.
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Looks like it did a backtest of the wedgie, dumped most of my calls. Made good money on XLF calls from Friday, MCD and CBRL, also dumped COUP because it looked weak (no profit). Still have a few calls for companies reporting earnings within the next 2 weeks, that's about it.
Might roll into some puts today. I'm expecting a whipsaw up here, tread carefully.
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Technical indicators show nothing, market action suggests another futures pump and dump, at this point I'm not inclined to chase the pump. Will wait until tomorrow to find things to short. Later.
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One thing is obvious, the pump and dump algos are active again.
Wait until indicators show overbought before shorting.