ES MFI hit oversold

May 30, 2023

Amazeballs, ES MFI already hit oversold. MFI is not a good indicator for gap direction though, so we could still see a gap down tomorrow if Europe sells off.

Flipped half my BUD puts and riding just the profits. Sticking with small bets for now, crazy market. Gotta make some money to make this worthwhile though.

May 30, 2023

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RTY MFI is also oversold and NQ is close. The algos once again ran a successful pump and dump.

Not sure about gap direction, so not going long until tomorrow morning. I know.... it's crazy but my indicators say to go long.

May 30, 2023

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Funny thing is, I'm always hoping for a gap down to buy, and as you guys know it only happens about 1/3 of the time. Still, I would love to see all of the cheese fall off the BUD pizza.

Anyways, be careful with you short positions.

May 30, 2023

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Note: Futures went from overbought to oversold in 3 hrs, looks like we're in for rapid cycling. I don;t recommend trading unless you plan on watching your computer all day.

SPY already green after I posted this.

May 30, 2023

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Taking the safe approach and waiting for Europe to go oversold before going long.

I DON'T recommend opening any new short positions considering how quickly the market cycled.

May 30, 2023

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Sticking to the plan, still bearish on Europe, and BUD is actually an European stock (InBev)

If the Euros do gap the market down then I'm going long when their market closes. The US algos are already buying back in because MFI hit oversold.