AMEX:SPY   SPDR S&P 500 ETF TRUST
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Waiting for 2 hr chart to show overbought before shorting the market.

Like I said yesterday, chip stocks are the only sector I would short, SMTC down big AH on earnings . Futures scrolling up again AH, oil and $NDX broke out today.

Comment: It looks to me like they're setting up for one final pump tomorrow, 401k pay day Friday where funds are forced to buy. I'd want to see the 2 hr chart get more overbought before shorting the market. If it doesn't so what.... too much FOMO on Trading View. More than likely next Wed/Thu will be a good short opportunity for a quick flip, like last week.

Long on NOK and HEAR, will probably be almost all cash going into the weekend. No point in holding a position long or short not knowing what's gonna happen with China.
Tomorrow is Quad witching day. Today is a premium killer. Wouldn't expect much movement. Hence spy is ~ even for the day thus far. Tomorrow 3 pm is going to be the real move. Leaning towards a dump since I'm seeing a lot of euphoric bulls. They are trapped. They scared most bears by breaking the previous high, so most either closed or went long. Everyone expecting us to break through the 280 resistance this time, but I'm not seeing it. Reminds me of crypto back in Feb after the crazy run up back to ~10k.

On top of that, the daily chart on spy looks bad. As well as RSI on 1 hr.. straight vertical from the 8th until the past few days. Either we have a huge impulsive move up (doubt it), or we will come back down for a test of 278. From there, I'm hoping for some panic selling so I can rebuy my calls around 273. Good luck bro!
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hungry_hippo MrMarketMaker
@MrMarketMaker, quad witching is usually a whipsaw day.

In any case, I have HEAR stock and VRAY puts for earnings. Some NOK as well, but that's a long term thing. Sitting on over $200k cash, lol. The fact that I can't find anything compelling to buy (even long term) is an indicator....

Waiting for market to get oversold again and I'll load the boat.
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hungry_hippo MrMarketMaker
@MrMarketMaker, also, if I was going to short an index ETF it would be IWM, the lack of liquidity in small caps makes it drop harder.
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