Here We Are

Raul3 Mon Apr 6, 2015 2:41pm EST 2 Comments

Markets underwent an upheaval of sorts this morning, propelled by the enthusiastic thrusts of amped up bulls. As we round the bend, prices are trading on the low end of April fool’s value area. A zone wrought with shenanigans and predatory algorithms.

To declare today a grotesque victory is a bit premature. There is still much work to be done in the bull camp. Columns must be erected, walls fortified, and vats of molten tar refilled. But this morning they beat off the confident bears who, driven by fear, crowded into the hole of demise.

Everyone sashays around the internet all googly eyed speaking “truths” like how nobody owns puts and everyone is a complacent bull. Yet when you actually investigate last week’s data, dammit, put buying was among the highest we’ve seen in two years.

So the fuck what VXX is chilling? It is a bastard measurement and particularly effective at confusing 95% of its observers.

So what’s next? That’s a fair question. Shorts were in for a pretty warm squeeze this morning, but we haven’t found sellers yet. Look for a run up to Nasdaqs 4358.75 and take it from there. This week is what I affectionately call an early riser. They can be nasty if they trap bulls all week, but that was last week’s play so perhaps this week it sticks?

Ultimately Wednesday is the arbiter, the day of the hump.

And $51 oil.

And earnings. Wednesday.