Back to the Bear Setup

Waiting on the chart, but Nvidia response is short-worthy

Implied correlation plummeted on the Nvidia hope trade yesterday. Moving back up now.

Korea hard reversal today:

Sandisk has flattened out, yet to bust.

Maybe algorithms will render charting less useful moving forward, but for now there are still humans behind the algorithms at least in terms of funding decisions.

There’s a clear resistance zone up to call it $620 on QQQ.

I pulled the trigger on more SMH puts this morning for one reason: Nvidia delivered great results (according to the market) and the stock is down hard.

When the market moves opposite to your expectations, pay attention. There was a great bull setup in the making and at least this morning, the bulls are puking all over it.

If that all reverses, which is quite possible, then I’ll take the trade off. If it keeps going, I plan to escalate.