Bid/Ask in Futures

Many of my measures are obscenely o/b, I took profits. The equity P/C was not very high yesterday, it is lower today. But there is no change in the index hedging, it is still very heavy, or let's say speculative positioning perhaps. I am also very surprised by the amount of index put purchases this morning. The overall P/C is not low enough to warrant a big sell off. The leadership is also less than ideal with the energy and materials generally leading, but the breadth is holding up. RUT also led due to this materials leadership and financials are also not leading down. The technology is doing OK, it also kind of confirms a late bull here. So, we probably have some sideways consolidation to do from here, but again nothing yet to warrant a big plunge lower... The prices threw above the channel (whichever and however you draw them), these usually mark good short term tops at least, but I would not sell short before midday Monday, Tuesday can retrace some. Certainly they won't let close today down after so much pumping... Best of luck.

Many of my measures are obscenely o/b, I took profits. The equity P/C was not very high yesterday, it is lower today. But there is no change in the index hedging, it is still very heavy, or let's say speculative positioning perhaps. I am also very surprised by the amount of index put purchases this morning. The overall P/C is not low enough to warrant a big sell off.

The leadership is also less than ideal with the energy and materials generally leading, but the breadth is holding up. RUT also led due to this materials leadership and financials are also not leading down. The technology is doing OK, it also kind of confirms a late bull here. So, we probably have some sideways consolidation to do from here, but again nothing yet to warrant a big plunge lower...

The prices threw above the channel (whichever and however you draw them), these usually mark good short term tops at least, but I would not sell short before midday Monday, Tuesday can retrace some. Certainly they won't let close today down after so much pumping...

Best of luck.

Nice call today. Almost perfect trend trend bar.