Fairly clean trend down day for the first half of the day today, followed by some vix drops and spikes, possibly due to vixpiration rebalances.
SPX around the 5000 level should act as some support unless further news like TSM earnings before the open tank the sector.
DJT was a small trade for me today which could have been a big one, but the weakness of the general market shook me out. The general idea was that after a hard sell off in DJT over the last week it was coming due for a bounce to reset the tape a bit. As a stock gets hammered down day after day, shorts build more confidence and tend to pile in just as it runs out of downside range, and then the bounce comes. Using trend lines and watching the action can help identify these set ups. I had 25 strike calls and sold for a small gain but it could have been a multi bagger. I was having trouble pulling up the normal chart for some reason.
ARM, ASML, and AMD were all hit hard today after ASML released earnings. Winners and losers in the AI space making their names known.
GOOGL was fairly strong today and will have on watch for strength tomorrow.
Over all not a ton on watch because its much more about spotting strength and weakness day to day in this market.
Bond yields are still elevated and the headline risk from the Middle East are the reasons for the sell off and the elevated risk. I’d look for either of those to reverse before we get a sustained bounce back. OR if som earnings are fantastic and it kicks off another round of sector buying somewhere.
Financials continue to be weak.
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