Oct. 3 at 8:30 PM
$SPY A little something to consider for the weekend. SPY closed at a perfect flat 0%;
$SOXX at a perfect 280. But more interesting is that my belief -- not only us retail traders are obsessing with leveraged trades, but so are algos and institutions.
Just look at
$SOXL, topping out at a perfect
$40 before falling, and
$UVIX closing at an exact
$10 (with the price fluctuating around the
$10 magnet for the past few days). The retail masses cannot unanimously create such perfection -- Algos are definitely in control, NOT us.
So when the algos decide to start selling, our retail BTD will not overcome the waterfall.
As for the 'perfect' algo VIX wedge formation, looks like we wait till Monday for a resolution for either a big move up or down in the VIX; it should be significant.
Have a good weekend all!
