The VIX pushed higher then spiked higher, despite the overnight and morning moves up. Gold is breaking out like it means it. Then the turn came. Is this the top? A blow off top? I remain a nervous bull, I am staying sidelined on the swings, and I am taking the day trades instead. Plus crude’s sell the rally and a Popper day that started with a loss.
...New York priced Wednesday’s news at 0.83% and set a record. Seoul priced the same news at 4.59% and suspended trading. Only one of them can be right.
...The Nasdaq fell 0.83% and New York barely noticed. Thirteen hours later Seoul suspended programme trading over the same number. Someone is mispricing this, and it is not both of them.
...The BOFF BOOM move might reach Mars before Elon does. But the VIX is staying elevated and pumping a little higher on the same days SPX is printing new highs, and that is not how it is supposed to go. Bull trap, blow off top thingy, or just a stubborn tape? Plus a simpler transformer that landed both profit tents.
...The July FOMC moved September hike pricing three points. A Treasury Secretary’s unsigned remark moved it ten. ADP prints this morning and payrolls land Friday.
...September hike pricing fell ten points on one unsigned sentence about a waterway. The S&P booked a record. Then two companies beat everything and lost eight percent each.
...Yesterday I said gap higher, trade lower. The setups said go bullish. Guess which one got traded, and guess which one paid. Plus ES prints an overnight NATH, crude reacts off the same zone again, and ETH/BTC has a bigger bear move on offer below 0.0287.
...An attack was cancelled, so crude gave up five percent and the Dow booked a record. Thirty hours later crude is buying it back and equities are not. Both cannot be pricing the same thing.
...Crude gave up five percent because a strike was cancelled, then bought a third of it back overnight because a projectile hit a cargo ship. Equities kept the lot and added more.
...Crude fell off a cliff over the weekend because a bomb wasn’t dropped. I kid ye not. Stock index futures are gapping up small to none depending on the index, SPX is heading straight into the longer term range highs, and RUT is shrugging the whole thing off. Plus a Wall of Wins full to the brim to close out July.
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