Well here we are at the 2 year double top. Expecting an exhaustion gap and reversal Monday, if we get it, I'm buying puts in the afternoon. I would not hold a short position into earnings July 25th because long term chart looks like an inverted head and shoulder (topped out in 2015).
RSI overbought with MFI divergence as well.
Financials look like crap but the market hasn't been trading on fundamentals since Trump took office. NKE is at ATH despite missing earnings, PE of 35, dividend payment of 1%. It shouldn't be trading at half of that, lol, but they have to pump the indices somehow (NKE being a Dow component of course). Just looking at UAA and NKE, you know the market is set up to crash eventually, literally needs to be cut in half to justify valuation.
Buffett indicator is at 145%, that guy's heck of a lot better at this stuff than I am...
RSI overbought with MFI divergence as well.
Financials look like crap but the market hasn't been trading on fundamentals since Trump took office. NKE is at ATH despite missing earnings, PE of 35, dividend payment of 1%. It shouldn't be trading at half of that, lol, but they have to pump the indices somehow (NKE being a Dow component of course). Just looking at UAA and NKE, you know the market is set up to crash eventually, literally needs to be cut in half to justify valuation.
Buffett indicator is at 145%, that guy's heck of a lot better at this stuff than I am...
Comment:
Have not opened a position yet, could be a top here but we're not getting the strong reversal I was looking for.
Trade active:
Bought some puts, small position in weekly. Not 100% sure on this one, but if the market heads south, this will as well.
Trade closed manually:
Took a quick but small profit today. Based on chart patterns, it looks like this will gap down and go up tomorrow, you know they gotta pump it before earnings. Out for now.