Joy Division

10:35am EDT: The Dollar seems to be completing one more a-b-c as part of lower degree sub division.

And you probably know what follows next – that’s right a monster candle to the upside. Line in the sand for this scenario is 78.20 – we can’t breach that mark, otherwise something else (as in nasty and bearish for the buck) is in the works.

TNX is dropping – which is unsupportive of the gap fill we saw earlier.

Conversely, the longer dated ZB futures are on the run and have thus far hovered above that upper channel line which should now become support. If we breach 121^195 it should push towards 123^00.

Finally, NYSE breadth right now is 0.7:1 – not supportive of this counter move. The bulltards can run [the tape] but they can’t hide. If we push higher today I will keep adding new puts on each leg up.

Enjoy 🙂

10:50am EDT: BTW, the current POMO is in process – will finalize at 11:00am – let’s see if the shiny new coin gets deployed later this afternoon.

Public Service Announcement: If you are still sitting on August puts today is the day to close them – usually market action after OPX Wednesday is muted.

11:54am EDT: Behold the power of the mighty POMO:

Judging by the futures right now they didn’t waste any time leveraging up those funds.