1/x I’ve been clear that the coming rally off the bottom of the last dip would be a countertrend technical bounce. We’ve been in a Vanna driven opp to STR in her🪟of strength. She single handedly took this market from 4025 —>4175 in a week despite intl. liquidation, NDX/
https://twitter.com/jam_croissant/status/1394196599685910530
2/x ARKK/BTC continued weakness, & a dramatic commodity sell off. IMO her work has been nothing short of heroic🦸♀️!But poor girl, she can only do so much..After all, I’ve been clear, it was just a matter of ⏰. 🕰 was not a 🐂’s friend... W/ Vixperation, & the (potentially
3/x combustible)FOMC minutes, & Vanna’s long awaited pre-Memorial Day departure for the 🏖 slated for today... the🪟for a rally was closing, & when the deadline for the bulls to regain the 1.5 std dev up of the 20 day in the SPX met a quickly closing 🪟 yesterday, a slide below
4/x the important 4158.5 ***, all but sealed. & our patient, watchful STR was activated. Now that we have a nascent decline on our hands & 👸 is off to the 🏖. It is all up to poor old 🦥 for the next couple of days...he will try his best, but he is no Vanna. Gary 🦍is still well
5/x FED near JP Morgan’s 4115 🧲, so expect stair steps down until 🦍 slips on a 🍌 peel on the lower steps, & can’t get back to his 🍌 supply at the top of the stairs... ultimately there is 🩸 in the 💦& HF’s have seen it coming, the $800 billion+BTC liquidation still has
6/x at least another 10% (~36.5k) to go & the ARKK doomsday machine is kicking into high gear, but healthy shorts makes for a more controlled liquidation. Continue to look for selling in tech from lock up releases into EOQ, but look for Buyback heavy names to outperform &
7/7 ultimately serve as important support in the weeks to come. Our June Fed Event Vol has been 🔥 and with the reopening thrust from the mask mandate removal moving to center stage should continue to be firm. Be 💦. Good luck! 🍀
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