Me So Naughty!
UPDATE 10:08am EDT: The NDX is extremely naughty this morning – keeps pushing up in extremely short term oversold conditions. Here’s a look at our Cubes channel:
So far we seem constraint by that upper channel boundary but as there is very little participation we all know that either two things will happen:
- We drop like a rock from here and continue on either Soilent Black or Orange.
- We rally like a mofo for one nasty OPEX day short squeeze a.k.a Soilent Green.
We’ll just have to roll with the punches here – keep in mind the inflection points I posted yesterday: : Orange: 882.51 – Green 908.69.
UPDATE 10:17am EDT: Okay, this is a public service announcement: Today is option expiration day. IF you have any ITM May options this is your last chance to dump those suckers, otherwise they will be exercised for you.
Keep it clean and small today, rats – it’s looking like we might be getting a short squeeze fairly soon. Know your lines in the sand. I see us burn a lot of momentum on those index futures right now but we are not dropping – could get ugly real fast. I think 900 is probably a good spot for us to start scaling out – 908.69 as you know is where we would dip into wave 1 and we are most likely dealing with Soilent Green.
UPDATE 10:27am EDT: Your short RLs for this hour:
Looks like the MMs are ready to burn some shorts today – these are nice RLs to keep in mind.
UPDATE 10:42am EDT: I just grabbed more QQQQ M33/31P spreads – I know this can easily jump higher but I just can’t help myself.
UPDATE 11:08: Tiiimmmbeeeeeeeerrrrr!!!