When does the SPX selloff end?
Yo, Pit Crazies, The S&P 500 sell-off – when does it?? It sure felt like it yesterday. Nord Stream 1 pipeline cutoff … Nvidia Inc (Ticker: NVDA) can’t sell chips to China … Day 5 of the sell-off pushed the S&P down to 3900. Then like a phoenix out of the ashes … SPX rallied […]
The End of A Wild Month
Yo Pit Crazies, Below is a monthly chart of the SPDR S&P 500 index with daily candles … What had looked so promising when inflation slowed the pace of gain last month gave way to the reality of insane energy prices in the EU and the Fed bringing memories of the great Fed Chair Paul […]
Will VIX Ever See 20 Again?
Yo Pit Crazies, Here’s what the VIX looks like this week … A big jump after the bucket of cold water from Sheriff Jerome Powell of the Jackson Hole Fed Posse. He told traders again that rates are going up. Another Fed Governor said the same yesterday. Bottom line: Rates are going up until inflation […]
BMF Show GT 08.30.2022
https://vimeo.com/744661998
Boring Is Good Again!
Yo Pit Crazies, If Friday was a ride in the wild west of Jackson Hole, Monday was a cruise on ship to nowhere. Much of the volatility from Friday did not carry over to Monday. The Fed put the short-term stake in the heart of the Pivot Posse, and I don’t see them riding out […]
No Soup For You
Yo Pit Crazies, One of my favorite characters in the Seinfeld glory day was the Soup Nazi. You don’t order the soup right, no soup for you. There is a bar in San Francisco, nicknamed The Persian Room, on Haight Street, that had an old-time bartender named Bruno who only made drinks a certain way, […]
Will Powell Deliver A Hawkish Speech?
Hey There Income Hunter, The hawkish Fed message has been delivered by everyone but Jerome Powell. Will J-Pow now step up to the podium and attempt to convince the markets he is the true mini-me to Paul Volker? The most recent message was communicated by Kansas City Fed president Esther George, who […]
How to Hedge A Spread
I get questions all the time about how to hedge and manage option positions. After 30 years of trading, you’ll be glad to know I have some answers! Right now, most of the market is waiting for some kind of golden nugget from Jackson Hole. Folks want to hear that the sell-off last Friday and […]
Nvidia misses
Yo Pit Crazies, Nvidia Inc. (Ticker: NVDA) missed earnings pretty dramatically yesterday. The miss was so big and the multiple was so high, I would have guessed the tech company would have been down 10% or more. It is not. Less than $8, which really is nothing. The signal from most companies this cycle is […]
VIX Default to DEFCON 4
I have two stats for you. The S&P 500 was down 9.26, or .22% The VIX was up .31 to 24.11 What the heck is the VIX doing expecting 1.5% per day with SPX not moving? Are we waiting for news? Are the Russians going to upend the global energy […]