my broker called again - he promised me this time is truly the very best of times to go long sandisk now that its monthly rsi hit 99.2
he said nothing has every gotten this close to 100 in history and that there is a huge bonus payout to bagholders if it ever reaches 100
@TraderJonesy Zero reason.. 🧐 Historically oil above 100 can put some pressure on the market. Not saying to go short but, if you peak under the hood you can definitely find at least one “a lot more” reasons this market might be ready for some consolidation and/or pull back.
$SMH $SPY when semis start to give back a little spy should finally pullback.
Look at the monthly, 32% gain in one month on the semi conductor index, not a meme stock. Pure craziness.
When the market stops being rational technicals stop working and the chasing fools get rewarded. Those with experience, knowledge and common sense start sounding irrational, not because they are, but because the market is.
Such conditions don’t last, reality kicks in eventually and puts everything and everyone right back in their place.
There will be time for calls, just not here. My two cents.
New all-time highs and nobody is paying attention to this.
Top chart is the Value Line Geometric Index. For those that don't know, it's an equally weighted index that tracks roughly 1,700 stocks.
Bottom chart is the S&P 500. I'm highlighting the times where the SPX makes a new high but the $XVG does not confirm. As you can see, it's not a great sign, these divergences eventually resolve themselves in some way.
This is not a crash call, but it would be nice to see more participation as we just cracked into new all-time highs.
$SPY May puts. Closed 20% off. Now holding 4 of the 6 Puts for May strike 680.
Buying more calls.
The trolls are loud today. Let's see how loud they are by end of week.
#SP500#SPX