Well, I did say there was a gap from Sunday night.... and all futures gaps fill at least on ES.
Almost bought some calls on the headfake, glad I didn't. Wasn't expecting such a big drop today, thought that was coming tomorrow after ES MFI got overbought. Tough market to time, made a little money on a day trade but not nearly as much as I could have if I anticipated the huge drop, bailed too early.
Funny how the market tanked on a variant that's not even deadly, RTY is oversold on the daily, but it did taht on the original COVID drop and still kept going down. No long positions until ES gets oversold on the daily, I think. Certainly gonna wait until ES MFI gets oversold on my 3 hr.
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Relied a little too much on the indicators, should have realized the morning rally was just a gap fill attempt on SPX.
very nice insight. how r u positioned at the moment? :)
kretchfoop901
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I really think this "varient" is just the scape goat and has nothing to do with the underlying drop.
hungry_hippo
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@kretchfoop901, has nothing to do with it at all, COVID stocks like PTON, MRNA, ROKU were all red. It's all pump and dump algos, but having a tough time trying to figure out what's triggering the dump, they hit the dump button sooner than I expected.
@kretchfoop901, turns out Powell said inflation isn't "transitory" this morning, explaining the sudden drop, especially tech which was green this morning. Also explains why even COVID stocks went down.
kretchfoop901
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@hungry_hippo I saw that as well. Surprise surprise, we were all thinking it. For Powell to come out and say it though is a big deal since he's been dodging it for months now. That monthly close on November doesn't look great either.