The gap fill from yesterday was met with more buying today on a bad jobs numbers. I don’t know where this closes today, but we’re looking at 8 straight green candles and 10 in 11 sessions. Oddly in that timeframe, we’re up a total of 1% even with all that persistent bullishness. The only near gap that remains open is that one from early June which is lining up perfectly with the trendline from the October lows. We did reclaim the 8 ema today so this is still a strong setup for the moment.
The VIX soared to 17+ yesterday and in 24 hours it is back to 14.50. There is just zero fear in this market, every small dip is gobbled up. These are crazy moves having the VIX rise 15% and fall 15% all within a 24 hour period is not normal.
TNX remains broken out, and while it is cooling off today, this isn’t a bearish setup at all. We have to see what comes of this because it really kept the market in check this week. If this fades back down markets can rally, but its hard to see a sustained rally if the 10 year is going to keep on marching higher.
Trends
CVE continues to see big trades near daily with another you can see below today. FCX also is making an impressive move today. RIVN is up almost 100% now in a month after today’s crazy move. Just incredible some of these moves coming out of the trends.
Week To Date
2 Week
1 Month
Today’s Unusual Options Trades & What Stood Out
105 Trades Today. I’m not sure if any of you played BABA but in yesterday’s recap I noted 3000 calls bought at $91 for next week and you wouldn’t believe it but BABA is up 8.7% as I type this to 91.10. Another trade with Impeccable timing that went for a huge gain.
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