Pump and dump as expected but the dump sent the price lower than yesterday, and the algos always make their money so probably a gap up Monday. Watch out for MFI, it's close to overbought.
In other words, I would not buy the dip today. Gonna be a lot of margin calls on people who lost crap loads of money on Chinese ADRs. You guys know I hate Chinese ADRs, made some money on that crap the past 2 weeks, lol. People are also gonna sell funds with a lot of Chinese ADRs like ARKK, ARKK holdings all getting hammered.
Also, a rather interesting casualty is TSLA, since it's in EV ETFs and all of the Chinese EV ADRs are getting hammered too.
I said this earlier this week, no long positions until ES and/or NQ get oversold on the daily.
In other words, I would not buy the dip today. Gonna be a lot of margin calls on people who lost crap loads of money on Chinese ADRs. You guys know I hate Chinese ADRs, made some money on that crap the past 2 weeks, lol. People are also gonna sell funds with a lot of Chinese ADRs like ARKK, ARKK holdings all getting hammered.
Also, a rather interesting casualty is TSLA, since it's in EV ETFs and all of the Chinese EV ADRs are getting hammered too.
I said this earlier this week, no long positions until ES and/or NQ get oversold on the daily.
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Told ya not to buy the dip... wait until next week....
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So here's the deal...
Funds can't hold Chinese stocks listed in HK or OTC stocks, so they aren;t going to buy CHinese ADRs anymore. WIthout institutional buyers, they are TOAST, lol.
Even if the algos pump futures there's bound to be a margin call selloff on Monday.
Of course, it could just gap down on Monday, China is gonna get hit hard considering all ADRs are down 10% or more.
CLosed out 2/3 of my position, I did next week's puts so letting the profits from teh day trade ride.
Funds can't hold Chinese stocks listed in HK or OTC stocks, so they aren;t going to buy CHinese ADRs anymore. WIthout institutional buyers, they are TOAST, lol.
Even if the algos pump futures there's bound to be a margin call selloff on Monday.
Of course, it could just gap down on Monday, China is gonna get hit hard considering all ADRs are down 10% or more.
CLosed out 2/3 of my position, I did next week's puts so letting the profits from teh day trade ride.
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Daytrader's wet dream... lol
Easy money on any number of garbage stocks that I usually mention
Easy money on any number of garbage stocks that I usually mention
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If you're buying the dip here, make sure it's a day trade. I wouldn't hold anything over the weekend knowing there's gonna be margin calls on Monday.
WHatever you do, don;t be tempted to buy Chinese ADRs, some of the funds might start dumping. Sector rotation is typical on Fridays. plus people bought the dip yesterday and got BURNED.
WHatever you do, don;t be tempted to buy Chinese ADRs, some of the funds might start dumping. Sector rotation is typical on Fridays. plus people bought the dip yesterday and got BURNED.
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I dunno if anyone else noticed, but that's a nice H&S pattern on NDX/QQQ. More downside before it hits the target
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CHinese ADRs still weak.... think about it, they're all gonna have to IPO in HK, and there's no way NIO is going to IPO at $50B. Good chance it loses 1/3 if not 1/2 it's value in the next few weeks.
All Chinese ADRs are gonna eventually get delisted, between the SEC and Chinese gov't, they're both pushing for it and I wouldn;t bet against either
All Chinese ADRs are gonna eventually get delisted, between the SEC and Chinese gov't, they're both pushing for it and I wouldn;t bet against either
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Not expecting the usual Friday afternoon pump today because of margin calls, but you never know....
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I've got a $375 target on QQQ, no long positions over the weekend
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Whipsaw finish coming, weekly options expiration, margin calls, sector rotation and also Friday 401k day....
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And there's your margin call selloff probably followed up by an up move EOD because shorts will take profit before the weekend.
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I hope you enjoyed my play by play today, lol. EOD kick was bigger than I expected but still bearish on Chinese ADRs. The Chinese have all weekend to look at the 5 - 15% drop on ADRs, good possibility that a lot of them throw in the towel on stuff like BABA Sunday night (their Monday).