I thought I had seen it all, but this excitement over a coronavirus drug ramping the SPX futures overnight into hyperspace was totally out of the blue. If the market wants to get euphoric so quickly, then so be it. I will gladly oblige to provide liquidity by taking the other side of the trade. I shorted SPX overnight and looking to cover around the 2800-2810 level.
A lot of the move has been exacerbated by delta hedge buying leading up to SPX options expiration which is at the cash market open today. Just a short term trade here, looking for a gap fill.
It has surprised me at how quickly the market has gone from fear to euphoria. Actually, from euphoria to fear in February/March was also shocking, just because of the magnitude and quickness of the selloff. This is just a manic market, that trades with absurd momentum on both sides.
I am now off the sidelines looking to get back to work on SPX, this pig is just too fat to resist.
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7 comments:
Well if we know it doesn't go down today then we know it's not a blowoff top and this goes to 290-295 spy.
Too many calls for mkt to go down is what's causing this bull in a bear to be so hated yet so resilient.
At some point, you gotta take a stand. Enough is enough. Been waiting on the sidelines for a fat pitch and I think this "miracle cure" rally is to sold hard.
I don't remember there be a pandemic in December 2018 with 20% unemployment rate. Different market now, its so much worse, sure the Fed is printing a lot of money but they aren't buying stocks so its not as supportive for the market as many people think. Earnings will be horrible for a couple of years.
Im telling you man theres more cars on the freeway. I ride that everything on the freeway. This freeway directly connects central la to the port of los angeles. More semis, cars more traffic. It was empty for a few weeks now its coming back. Also got no emails from recruiters for job openings for three weeks. This week im receiving a handful a day. There is pent up demand. Soon we could be at 3000. Just saying
More cars means that US is not keeping a tight lockdown which means coronavirus will linger around and start spreading again when lockdown is lifted, More traffic is not a good sign for virus containment
Market just gave a ass rimming to the bears with this close man. Better put on that vasoline good. I wanna say 2950 but i know the mkt likes nice fat round numbers so im think 3000 before the market decides to ass rim some bull sphincter and give it to them good lol
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