9/19 Recap
We woke up today to the news from yesterday that President Biden had declared the pandemic officially over and the market reacted by punishing vaccine stocks, lifting travel stocks, and ending the day in the green. Overall it was a pretty insignificant move. Everything we do before Wednesday and the FED is meaningless. If the FED decides to hike 50 bps instead of 75, we will probably rally hard. If they go 75 like most expect and Powell delivers a hawkish speech after, who knows, maybe we retest the June lows. Whatever happens, tomorrow will be meaningless.
You can see today we put in a bullish engulfing candle, still below the uptrend from June and now all the moving averages are pointing down with a few below the uptrend. This isn’t a bullish setup yet, even today, look at the volume, pretty low vs the selloff the last couple sessions.
Today’s Unusual Options Activity & What Stood Out
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