Thread by @HeardFloor

1) Guys, where are the good old days when the market used to puke into the close? It is not the 0DTE as there were 0DTEs before

I cannot seem to remember exactly when was the last one but i don't remember seeing one for months. Similar with rallies but I can recall a couple

2) Full disclosure :

Recongnizing there was a seller today and a lot of stops beneath the lows I got some 393-392 $SPY put spreads for 12c around 2pm

Seemed quite cheap for an index with a catalyst sitting at a 0.4% loss for the day and a heavy trend to the lows.

3) Max profit of c. 9x was a 0.65% away, I found that tempting.

After the failed attempt to take out the stops at the lows I exited the position at 3 pm for 10c. 2c (without comissions) loss was totally worth it, would take the trade again if I had the chance.

Observations 👇

Under the radar📡:

1. Relative strength: $SOXX, $XME, crypto, $XLE
#relativestrength
2. Relative weakness: $XLP, $XLV, $XLU, $VNQ, $TSLA
#relativeweaknes

Relative strength notes 🟢:

1. $SOXX - how does $NVDA makes an offering and stays flat at the open?

2. $XME - Iron ore, copper, uranium all up, $FCX up on news of restoring operations in Grasberg mine. $RIO, $BHP, $VALE up big

3. $XLE - up with the tune of the day (infl.)

Relative weakness notes 🔴:

1. $XLP, $XLV, $XLU - feels a bit like short term capitulation

2. $VNQ - feeling those rates

3. $TSLA welcoming investor day with a bit of sell the news front-run? $AAPL, $NFLX, $MSFT weak too

Other observations:

1. $SPY - cannot lie, chart looks good for a bounce

2. DE inflation doing wonders to rates around the world

3. And helping commodities too through hurting the $DXY

4. If $IWM is stronger than $SPY, markets have a hard time falling

What did I miss?

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