The SP500 today was as expected and a bit choppy and if you look at the monthly November candle we’re not looking like it wants to move that much and with OPEX here this week it probably drags on. My real concern right now are Dan’s notes in the last newsletter about Crypto and Bitcoin going lower and we’re headed that way this week and if I had to guess we do it right into options expiration.
These flows on crypto will drag down other names in the market and that’s just the era we’re in where everything is interconnected anymore but the good thing is that we can make money shorting as well. I don’t really trade correlations much but Dan made mention to it and I do trade price action and $COIN ( ▲ 1.12% ) was a short I have been waiting on for some time because it has a measured move.
There should be one final push here to flush out the weak hands then a big rally on Bitcoin and some other names and I know I said I was probably done for the year but this was something I was waiting on and it’s happening now so when we flush out here on Bitcoin and other names like $COIN ( ▲ 1.12% ) this week there are going to be good long setups so I am going to cover what I am looking for and update you on this short that we covered from two weeks ago in this sector.
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