Might have a bit lfet to run but never know. Rollover will be sharp & sudden.
VIX sub-13 near breakout IMO. Got calls on UVXY, Nov 21s. When the selling starts these will rocket, it moves really, really fast- expect >30 in November. Last week UVXY moved $6 in one session, you do not want to be short VIX calls! Calls could be 10-bangers; the break will be swift and sudden!
Action over next two days will confirm whether this be an exhaustion gap island and get left above.
Breadth is poor and broader market is negative, distribution is ongoing; from Yahoo today:
Although the Big 3 stock market indexes have swung higher, in the aftermath of the Federal Reserve's interest rate cut, broader market breadth remains negative. The number of declining stock outnumbered advancers 1,512 to 1,341 on the NYSE and 1,611 to 1,262 on the Nasdaq exchange. And volume in declining stocks represents 57.8% of the total volume on the Big Board and 60.1% on the Nasdaq. Meanwhile, the Dow Jones Industrial Average rose 80 points, or 0.3%, with 20 of 30 components gaining ground. The S&P 500 was up 0.2% and the Nasdaq Composite tacked on 0.2%.
"volume in declining stocks represents 57.8% of the total volume on the Big Board and 60.1% on the Nasdaq"
I'll be shorting again real soon- IMO it's within 1% of the ultimate top here.
NYSE 52 - week highs on 10/21/19 were 289
10/22/19 were 294
10/24/19 were 253 - bearish divergence
10/25/19 were 230 double bearish divergence
I expect a gap up tomorrow or Wed, that's how the algos work, pump and dump. You gotta let them pump it first.
Been working well but when it breaks the dailies triple so gotta roll out pdq! That's why ppl buy them lol!