Traders,

The move on Friday is the move I was waiting for the last two weeks and a move that Dan talked about at the end of the May OPEX when he explained the gamma unwind and what was coming.

It’s always the same.

Retail buys calls at highs, they press it, they keep pressing it then we get a 4 sigma move on the markets and everyone pretends like it was not going to happen.

I told you all last week that $725 was my key and below that it would get bad in a hurry.

But, some of you still want to waste time watching podcasts and reading macro reports as if that’s going to give you executable ideas….it doesn’t it just makes you feel like you’re doing work.

The $SOXL ( ▼ 30.51% ) ETF was down -30% yesterday. Shocker.

And so were the rest of the tech and semi-conductors.

Now that everyone is paying attention after Friday we might actually get more selling and I think we’re just starting, to be clear and for reason that I’ve talked about the last few weeks.

Let me give you a simple view: when everyone packs into the same trades and exits at the same time it’s a liquidity issue. This happens all the time and each time it happens people do one of two things:

The last few weeks I hammered on $DELL ( ▼ 6.55% ) and $MU ( ▼ 13.25% ) shorts.

Check the posts.

I am going to go over a long update this week on $QQQ ( ▼ 4.8% ) and the $DELL ( ▼ 6.55% ) short I am in then go over one new long in $NKE ( ▼ 1.47% ) that might setup and a few other notes as well.