My Bear Dreams Live Again. GEX Just Flipped Negative.

My bear dreams are being kept alive once again by a nice and favourable bear drop yesterday. Tag n Turn swings are back bearish, Poppers are bearish, VIX is jumping higher, crude is rising, and GEX has flipped to negative with a huge node at the 7650 level, so we could be looking at volatility rising, and hopefully directionally bearish.

I’m as giddy as a Victorian undertaker in a cholera summer.

Scroll down for the SPX range, crude’s V and Bitcoin’s sulk.

Market Snapshot

Volatility has been sighted re-entering the building. Investors are urged not to approach it.

• VIX 16.89, jumping higher.
• Crude 92.62, rising. More below.

SPX – A little patience was all that was needed.

SPX swings fired up a nice bear setup after a short period of being flat. The bear TnT, interestingly, was near the range highs I was looking at for a discretionary trade, so all’s well that ends well, and a little patience was all that was needed.

Fund managers, it turns out, also do their homework on the bus.

Price did grind most of the day, and I just read that around 43% of the day’s trading was done in that last hour, as the month is officially closed and in the books.

As price nudges below the 7650 level, the range is potentially breaking out, and negative GEX could accelerate a breakout move.

Crude Oil – Price has developed a nice range.

Over on Crude Oil, I posted this inside the community as the letter had already gone out. We can see that price has developed a nice range, with price developing a V-Pattern entry at the range lows. Over on the PnF you can also see that support low and a rising channel low.

Target is the range high, around the $96.50 zone.

Bitcoin – Simply waiting for the move.

Bitcoin remains the only adult in the room, and is now proving it by sulking and ignoring eye contact.

No change, and simply waiting for the move. I have adjusted the grind to be more horizontal now with new information, meaning the breakout levels are above 86k for the bulls and below 82k for the bears.

Premium Poppers – A little high blood pressure yesterday.

Readings from the AntiVestor trading desk have been forwarded to the relevant authorities.

Premium Poppers gave me a little high blood pressure yesterday. As I was in our live calls talking about other things, I missed the SPX bull, took a premarket RUT bear and a regular session RUT bear, which went under water for a while before eventually turning around. I did take an SPX bear afterwards off the weekly VWAP, which worked out nicely too.

Both RUT bears had the same 2810 short strike, $440 combined.

And of course the community is popping the premiums too, as usual.

Don E.: “Closed SPX BO1 for 45% (got in early and closed manually for the quick win today). Also took RUT BO1 and closed that early for a small loss when I saw momentum shift so quickly.”

ehvpsd: “Still in RUT… came close to my stop loss, now back in the right direction.”

Bill S.: “Was late this AM, so did a VWAP put credit spread on the SPX at 0938 CDT; out 10 min later with 35% win. Shorted the 7690.”

Scott K.: “Bull spread on SPX, converted to butterfly to lock in 39% win; bought bear spread on RUT, straight close for 59% win.”

Chris: “Price was sitting in my profit tent for both SPX and RUT all afternoon, then the big drop.”

Chris got the win, missed the profit tent.

Well done, team.