Banks had been weak all day, even before we collapsed. The NASDAQ gave up a triple digit gain and is now down 25. This is a small loss and the size of it should not be feared. Instead, you should concern yourselves with where it’s going now.
SCORES OF REDDIT FAGGOTS are now inside of the Brazen Bull being cooked alive. Their staying power is limited and their margin clerks are on them move. Look for a capitulation move LOWER in the coming hours, as Reddit gets eliminated, once and for all, from the game of play.
I am long TNA at 7.5% and UVIX at 5% — and my bias is to be long. My bias is long because we are so oversold. At the same time, I understand bottoming is a process and sometimes it happens out of the blue and other times in a predictable manner. This one feeeeeeels different, as if it were paired with some financial disaster that looms.
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October is quite a popular month for financial disasters.
However, overbought for 14 years?
The media fluff are talking bottom fishing and how the Fed is destroying the economy. The Fed can’t bend to a tantrum this time, and don’t try to speculate as to when the coast is clear. There are event drawdowns coming.
We don’t generally bottom with VIX in the 30’s. We bottom with VIX in the 80’s.