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Seriously this becomes an indicator for market to go up or down now.
Structurally there is clear evidence of an iron butterfly on the call side of open interest, with one leg at 180, the short legs at 200, and the upside hedge at 220. bull call credit spread + bear call credit spread.
I wouldn't expect this to last longer that EOW as this configuration can be used for pump or dump scenarios by closing one end of the short leg, my inclination is still bullish as we have economic data coming out, however should we break up to 204/205 range I will absolutely be adding long dated OTM downside protection, my long price target is minimally 225, my risk off/bearish flip is a break of 180, corresponding with a break of QQQ 600, looking for volatility measures such as VIX and COR1M to confirm.
Should we hit 225 region I will be adding bearish risk reversals i.e. selling calls and buying puts, and rolling my protective 205 puts higher.
Is China ready to buy back Nvidia Chips officially soon !!!!
That will be the biggest catalyst for Nvidia as they groove closely to the big earnings day next week.
Long Nvidia $$$