Look at the extreme excitement on last February, it took 3 reversal days to end the run, this time we got two so far. early bird view. am I too early? could be, the dots is there to connect.
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My comments are for entertainment/educational purpose only. NOT a trade advice.
Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.
In total, across single stocks, $544BN of options are set to expire today, including $305BN calls. As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Housing Starts increased to 1.739 Million Annual Rate in March. This was the highest level for starts since June 2006.
Total housing starts in March were above expectations, and starts in January and February were revised up.
Hence: NAIL
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Could be an ascending triangle in the making, bias is a little bit up.
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INTERNALS
Well there you have it: calls are above the line after profit taking at the open
Breadth is weak
Volume is below the line but sloping upward
15min
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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History says bears are right, this market is over due for a pullback. BUT you cannot drink from a firehose. Next week "should" see the start of a major pullback but no way am I going to pre-position because of the recent past. Too many dollars looking for a place to make a return.
My text book classic side ways. the buy failed then the sell, and now the sell failed, in theory bulls earn one more dip buy above day lo, (HL) for bears at this point need new LL to reset and gaining sell rip coupon to come. every penny counts.
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Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
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