Not quite overbought yet on RSI or MFI. Probably setting up for another Ponzi Friday then a drop next week. Not sure if it comes Monday or Tuesday.
Nota
Hang Seng looks similar but I wouldn't be surprised if China drops tonight because who the heck wants to hold Chinese stocks when the govt tanks the market every Monday...Nota
Odd.... US indices look weak, Chinese ADRs heading up before closeNota
And AMZN missed on revenue....Nota
MFI is moving up...possible gap fill attempt then drop I guess.Nota
Like I said earlier, trying to fill the gap. Not sure if it does or not because AMZN and other eCommerce stocks are weighing the market down.Made some beer money flipping PDD puts overnight (I said China was gonna drop), not as much as I was hoping. Damn thing started filling the gap before open. Oh well, at least I made some money on my first trade in a couple of weeks.
Anything can happen Monday, the Chinese govt is completely unpredictable. They like tanking the market over the weekend. Better off in cash. Done for the day.
Nota
Just remember, that there is no requirement for the market to go overbought before dropping. It usually does because the algos are designed to make money, but not always. Especially when the Chinese decide to act squirrely.Nota
Appears to be a rotation out of small caps and into tech despite the AMZN miss.ES going sideways.
Odd day for a Friday
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