Month-end mark-up. I get it, but what happens when the month is over?
OK, so today I expected futures to follow through – to the downside. It didn’t happen. However, on the upside, the market tagged my $3393.52 SPX WEEKLY resistance price target perfectly today before reversing – on what else, news of being ‘far apart’ on Covid relief.
You can smell the Stimulus Disappointment.
You can see the rising Volatility.
What are Vegas odds we make it to $SPX $3284 by EOD/M/Q? I’m not going to get what I want/expected in this regard, but I am still confident that the signs are posted for continued continued weakness in October… as laid out in my intermarket analysis past few weeks.
Big Yield Move this morning, but did it stick September 4? (Banks tanked 7% just after.)
And why aren’t banks running hard now? Afraid it might not stick either?
Lastly, Brent from @spotgamma let me know we have more puts expiring today than in November’s Monthly OPEX (~720k vs 660k), so that can/will open us up to much more volatility moving forward in October. Maybe as early as tomorrow.
Don’t forget to hedge!
