11/20/2020 — Uncle Joe’s Calming Hand
I’ve waited nearly all day for a solid down move in the S&P’s, and maybe…just maybe this mini-dip at 2:45 might actually awaken a few sleeping bears. I’ve been head-faked two days in a row, and I’m itching to buy a few e-mini micro contracts before EoD and wake up with them trading 30 points higher on Monday morning.
Personally, I never understood the market’s excessive optimism over Joe Biden’s election win. Wall Street had long signaled that it was expecting that outcome, but I think the financial punters may have gotten a bit ahead of themselves. There have to be a few of us out there that haven’t forgotten about the looming Brexit mess that never seems to die, or the possibility that we’ll all wake up a week from today with a massive Thanksgiving hangover and a COVID aftertaste.
I wonder if I’ll wake up on the 27th cursing myself for selling these Dec 2 & Dec 4 3000 puts with the VIX only at 23. It was trading over 40 just a couple days before Uncle Joe’s big night, and other than that nothing has really changed except market sentiment…
