Quadruple Witching Day is upon us, and given the current downward spiral of the market this week, expect more volatility to come today. The expiration of market index futures, stock futures, and options are set this Friday. We could see a late market rally into close. #AAPL replaces #tsla as the largest shorted major tech stock. The market is down 4-5% respectively this week and is facing a 4 out of 5 down week.
#AAPL has crossed into a danger zone, as the stock is facing more and more short selling. The stock however; is showing great pre sales and Chinese penetration with their new iPhone. It is showing that their plan to keep the new iPhone at same price levels was probably the right strategy as the economy turns into a recession.
#TSLA bounced up to 309 this week, before selling off to below the 300 price point earlier in post-pre market today. The stock pushed back below VWAP after showing some price resilience in this market turmoil.
Next week will be the big market indicator, as we will get the actual Fed rate hike number. Given that the market keeps pricing in a larger percentage to a 1% hike, a .75% move could send markets popping, as fears of a stronger Fed move would dissipate.
Honestly , just back to scalping until the Decision day, and still hedging underlying positions.
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