Another day of some crazy price action. It’s a scalpers market lately you have to be fast with taking profits base hits if you’re swing for home runs you have to be fast in making your decision. Once again below average volume with contracts with call’s leading puts 11 to 7 SPY had 3.18m puts 3.60m calls= 6.78m total. Tomorrow CPI head line is forecast at 3.1% YoY previous 4% and todays close just primed the rocket boosters. I may be wrong but there’s no reason to sell off yet since this makes the soft landing possible even though I don’t think we will have one but that will be hindsight we still have years to feel the effects of the fastest rate hike in history. I’m pretty sure we will break the double top everyone is talking about and keep the traders confused as to why we are at 450 and when will we drop. Markets can remain irrational longer than you can remain solvent.
As always trade what’s in front of you good luck
As always trade what’s in front of you good luck