Quick market Updates:
OI: PCR for this Friday is into standard territory at: : 3.709 (DN from 3.835), PCR for next week 7/7/17 expiration is at 4.157 this last ratio leads us to think that while markets can start down tomorrow Friday, it is unlikely the current trend continues, this for as long as PCR stays above inversion territory for next week.
Moores’ 2C-P is our concern it is at 95.80, not declining enough.
MOC: Closed at 450 million sell side, enough to provide a .4% gap down or at LOD.
EW/Volatility
SPX did not break 2395 and TNA LOD was 54.25, despite that, VIX moved up 55%. Leov, the renowned trader from Gamma Optimizer noticed this, I quote:
Please take a look at this beauty of term structure. This is what I call the “end of the world configuration” it is getting very flat and inverting in the near term. So much juice in the whole curve so from that shape we could take a few takeaways:
1. The world will actually end.
2. Or, implied volatility is getting so fat that it is worth taking an stab short (probably after a full inversion).
Why to short before main supports are broken? Panic…? and acting because of to panic is never a good advice. Regrettably we can not update, there is nothing I can say with responsibility, market is still above 2395, TNA above 54.25 in a potential double bottom of whatever diagonal structure forming (link) and most of our stocks closed above previous bottom and/or above supports.
Stocks
AAPL: went under 4.236 extension for a moment, but closed above it (link).
AMD, closed above supports, no reasons no change on expectations for 15-17
TSLA, went to the 350 support area and closed above it.
AAOI, lower lows, but been waiting for 53.87, so nothing broken while above this 53.87
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