12/01/2017 Live Update

[Daniel]

If the tax bill is a "done deal", then the next key will be whether the market chooses to "sell the news", or merely complete the process of digesting it...

[te_fern]

Just made a quick scalp in LABU and still leaving money on the table. Hate trading outside of my system though.....

I am going to review today all weekend. This week has really stress tested things!

Has been a crazy week!! Let's know what you find, we're all still learning!! LOL!

[te_fern]

Double/triple top?? What will the market do with it....

[te_fern]

Could be viewed as a H&S..

[Al_Dente]

Statement by Lt. General Michael T/ Flynn (Ret.)
"After over 33 years of military service to our country, including nearly five years in combat away from my family, and then my decision to continue to serve the United States, it has been extraordinarily painful to endure these many months of false accusations of "treason' and other outrageous acts. Such false accusations are contrary to everything I have ever done and stood for. But I recognize that the actions I acknowledged in court today were wrong, and, through my faith in God, I am working to set things right. My guilty plea and agreement to cooperate with the Special Counsel's Office reflect a decision I made in the best interests of my family and of our country. I accept full responsibility for my actions."

Statement from Ty Cobb (trump attorney):
"Today, Michael Flynn, a former National Security Advisor at the White House for 25 days during the Trump Administration, and a former Obama administration official, entered a guilty plea to a single count of making a false statement to the FBI.
"The false statements involved mirror the false statements to White House officials which resulted in his resignation in February of this year. Nothing about the guilty plea or the charge implicates anyone other than Mr. Flynn. The conclusion of this phase of the Special Counsel's work demonstrates again that the Special Counsel is moving with all deliberate speed and clears the way for a prompt and reasonable conclusion."

[fehro]

Statement by Lt. General Michael T/ Flynn (Ret.)
"After over 33 years of military service to our country, including nearly five years in combat away from my family, and then my decision to continue to serve the United States, it has been extraordinarily painful to endure these many months of false accusations of "treason' and other outrageous acts. Such false accusations are contrary to everything I have ever done and stood for. But I recognize that the actions I acknowledged in court today were wrong, and, through my faith in God, I am working to set things right. My guilty plea and agreement to cooperate with the Special Counsel's Office reflect a decision I made in the best interests of my family and of our country. I accept full responsibility for my actions."

Statement from Ty Cobb (trump attorney):
"Today, Michael Flynn, a former National Security Advisor at the White House for 25 days during the Trump Administration, and a former Obama administration official, entered a guilty plea to a single count of making a false statement to the FBI.
"The false statements involved mirror the false statements to White House officials which resulted in his resignation in February of this year. Nothing about the guilty plea or the charge implicates anyone other than Mr. Flynn. The conclusion of this phase of the Special Counsel's work demonstrates again that the Special Counsel is moving with all deliberate speed and clears the way for a prompt and reasonable conclusion."

nothing burger.. "reason" to punch it down …. indexes drift down for week-10 days… then retail.. takes it up for the "Santa Rally" on low Vol.. and big boys in Jan sell it hard.. imo

[Daniel]

Double/triple top?? What will the market do with it....

SPY price has been persistently rejected at the (downslope) 5min 20ema, past half hour.

QQQ (153.35) is struggling to get above Wed lows in the 153.25--50 area.

[Al_Dente]

vote 2:00 ET

[Daniel]

..and always watch the VIX.

VIX has pulled back from mid 14s, now at ca. 13--right on the upper bollyband.

[Daniel]

Double/triple top??

QQQ (153.35) is struggling to get above Wed lows in the 153.25--50 area.

Kaboom! QQQ blasts thru, back into the range. Now over 154 again.

[Al_Dente]

"we have the votes" rally

[Cobra]

maybe the low was in. might be another leg down but mostly it should be a higher low. So the drama was over, nothing can stop this mad cow.

[MrMiyagi]

SANTA CLAUS GIVE US A GREEN FINISH!!! ya fat bastard.....

[fehro]

..and always watch the VIX.

VIX has pulled back from mid 14s, now at ca. 13--right on the upper bollyband.

may see elevated VIX for awhile.. option writers.. nervous.. make options expensive .. till dust settles

[te_fern]

Back over the line, but just barely....

[fehro]

The mystery trader also initiated positions in January VIX options to roll over this trade, selling 262,500 puts with a strike price of 12 and 525,000 calls with a strike price of 25, while purchasing 262,500 calls with a strike price of 15…

It’s also a good day for “50 Cent” -- the options buyer who’s been saddled with the same nickname as rapper Curtis Jackson III for buying options at or close to 50 cents. Early on Friday morning, 50,000 January VIX call options with a strike price of 21 were purchased at 49 cents apiece before the Flynn tumult began.




https://www.bloomberg.com//news/articles/2017-12-01/-vix-elephant-50-cent-back-in-options-as-volatility-jumps

[fehro]

Put/Call at extremes 0.65 .. after being at an insane low value of 0.30ish earlier in the week… the put/call ratio remains overly bullish.. that's a tad dangerous

[Trades with cats]

ES stopped 0.25 short of the Central Pivot. Really, you can't make this stuff up, no one would believe you!

[Al_Dente]

“Kushner said to have told Flynn to contact Russia”
[Bloomberg, moments ago]

[MrMiyagi]

COME ON S&P, ONE MORE PUSH, I CAN SEE IT CROWNING!!!!