Comment: Escalating faster than expected... PBOC just announced to depeg CNY from USD and use a currency basket instead. 10-15% CNY depreciation to USD should be expected. Modifying SPY target to1600-1650.
Comment: So..., today is the decision! 1.1 trillion $$ futures on SP500 expire. 670 billion $$ are puts in the range of 1900-2050. With SP500 now at 2020 it seems that a stop loss cascade will be triggered...
Comment: 2000 support broken in the after hours. Option sellers are caught wrong-footed... Selling will continue on Monday, and we are close to another meltdown.
Comment: So, after the usual "Europe Still Open" dead-cat bounce it's starting to be interesting again.
Comment: So, reaching lower part of the target region. Faster than expected and waiting again on the Sunday night PBOC announcement... If CNY depreciation continues at the same pace like last week, my intermediate SPY Target of 1600 will be reached earlier than expected.