The Market
Good morning everyone! I hope you made some thick cheese yesterday while I spammed MooMoo with a ton of different trades hahaha. Sorry about that. I'll try to hold back on spamming posts on possible trades. Besides, yesterday was one of those golden days to be incredibly thankful for. We saw multiple setups throughout the day and everyone who was in the market sort of had the same pre-concieved notion about how the market would end on the day.
Right now the market is moving to the upside, however there is almost no reason for the price action.
We also had probably the worst setup ever into the move up.
We are now setting up REALLY nicely for my bearish to bullish day trading / options setup, except the only thing that worries me is I would have loved to see this move up closer to the open and not at 8:26 NYC.
Another thing that worries me is the ammount of smart money SPY Call buyers at the close yesterday. Essentially, the bet is on PPI news today. Buying calls at the low yesterday is a really smart...call. The point is to get cheap OTM or ITM calls that, if the market rebounds pre market (which it has a good probability to since everyone again together has the mindset that if PPI is going to be good) and if it is, BOOM they make thousands maybe 10s of thousands. But if they lose, their contracts are already up from the lows anyways. A great trade!
I am currently short right now, but it is quickly turning against me.
Here is why I am short:
The 3 day VWAP on the 4 hour is a tough barrier to break upside or downside, especially during pre-market with no news. Fed Governer Lisa does speak at 8:45 but the probability of the market losing volume and making a pull back for a quick scalp is larger than the probability of pre-market finding big buyers to keep the price moving to the upside.
I am very okay with $100 on the day here and grateful to have taken the trade.
Current chart:
News:
Microsoft's $75 billion bid to buy Activision has made progress after the UK competition regulator accepted amendments to the deal
Ukraine's president Zelensky is seeking an additional $24 billion in US aid
The Pentagon will excempt its Ukraine-related operations from a potential government shutdown if lawmakers do now agree on a deal by the end of the month
Someone turned $22,000 into $10,000,000 in one day buying splunk calls
95% of the NFT market is now worthless, according to a report by dappGambl
Investors are leaning towards shorting XOM
Acceleration in credit card default rate has is now higher than the 2008 financial crisis
Record home prices, the highest mortgage rates in a generation and limited properties for sale are pushing homeownership beyond the reach of many Americans and leave plenty of room for rents to rise and still be cheaper than owning, per WSJ
The number of 24-30 year-olds living with their parents in the U.K. has risen by nearly 50% since the turn of the century, per CNBC
The housing market is stuck: American's can't afford homes, investors aren't buying property, and economists see little relief ahead, per BI
Russia plans a massive increase in defense spending next year, including in an increase of nuclear defense
In Toronto, Canada, restaurants have seen a double-digit decline in people dining in, suggesting pullback in discretionary spending, per OpenTable
Total household debt in the US is at a record-high of $17.06 trillion
Be careful trading today! Again, I apologize for all the spam yesterday. I would not be suprised if we chopped before PPI at 9:45AM NYC. Like I said yesterday, I think we will either see huge volitility or an algorithm battle on the day. I hope everyone makes some money
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Kevin Lehmann : this stock costing me money glad didnt invest a lot
Kevin Lehmann : benzinga was right dump time
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