Market Notes:
After a solid rally yesterday, futures have given back most of those gains.
Why? Pick your poison … Inflation, the Fed, Congress, oil prices spiking, October…
The signals I’m watching say we’re down almost as far as we can go. The VIX is stable, the put-to-call ratio is in the normal range, and most stocks are already below their 50-day moving average. Can we go lower? Of course…
But I don’t see much more downside … And if we do slip lower I’ll start buying the dip heavily.
Bitcoin and some select cryptos are putting in impressive rallies. Bitcoin’s above $50,000, I’d like to see that level hold. And the meme token Shiba Inu (SHIB) is up 200% in the last few days.
The rally in crypto tells me the market is still craving risky assets.
For today I’m risk off. Just going to let things keep shaking out. The volatility should pave the way for an epic rally this winter.
Watchlist:
*ACER has support at $3
*APRN has resistance at $8.40
BEST has resistance at $2
TGA has resistance at $2.80
ZETA has support at $7.50
GTE watching for a setup above $1
OTC (on watch, no levels):
ILUS, CYBL, FERN, ALPP