Ladies, gents, and degens, welcome to the weekend session. The market never ceases to amaze me. Among all this fuckery, I’d like to congratulate all the silver bulls on a job well done. They were finally able to break even this week after pumping the precious metal for 7 years, something something even a broken clock is right two times per day. For beginners, the market can be intimidating, but believe me when I say you too can become a champion like me. Never give up, learn from your mistakes, watch your position sizes, and get better every damned day. Most of all, delete the idea of making 100% gains every single day from your noggin. If all else fails, find solace in knowing that there’s someone like me out there making information and data readily available for you.
As you would expect in a clown world, we trade on headlines more than ever. Here’s the current assortment to choose from: trade war/US-China relations, actual war with China, vaccine pumps, and now UFO pump has entered the chat. Very soon we will be able to add “Market slumps as insert presidential candidate here goes up 3 points in the polls”.
The entire game we participate in on a daily basis is just one giant clown show, so stop trying to make sense of it. If we bombed Beijing tonight, I predict markets would climb yet again in order to price in the latest Warzone Stimulus Package. Market’s are pricing in that it is totally okay for 1 million+ jobless claims per week for the last 3 months and also the USD dollar that is about to fall off a cliff. It’s all normal. This entire thing is rigged and none of it is real, just be sure that when the carousel finally stops, to watch your step and swiftly make your way to the nearest exit.
Markets were hit hard in the Thursday/Friday sessions. In any other circumstance Swaggy would have bought the dip Thursday, and bought the dip again Friday directly at the open. He would have declared victory by Friday afternoon and held his position into next week, many would be calling him JPOW from his ability to print money, but I prefer to be known as Swaggy… But these aren’t normal circumstances. This is what awaits the markets in the very near future:
-BIG earnings week ahead of us, I’ll list some of the ones I’m watching in the daily earnings threads.
-GDP prelim numbers Thurs.
-Unemployment cheques ending.
-Stimulus (that was 2 weeks away from being announced about 6 weeks ago) announcement?
Lots of market moving news incoming, for that reason I am still sitting out. When all is said and done, in my opinion, we will start to see a drop in volatility. Market’s will somewhat ease and we can re-discover which direction we will go. Like cavemen emerging from the darkness after months of hibernation, we will be drawn to that light.
I found a few interesting unusual options activity plays from the week. I will cross-post into this sub-reddit from r/options. Check it out.
Until then I bid you adieu.