Nightly Thoughts and Charts... (Patreon)

With sentiment so bad, are we due for relief bounce day? Haven't had 4 straight red days since January of this year. Some things to be aware of as we head in to rest of the week/correction.

$SPY $QQQ both in correction territory.

We found interesting data to suggest CTA's are looking to unload billions in stocks:

Keep in mind this is but a drop in the bucket in the entire stock market. Over $6T (trillion) are still sitting on the sidelines risk free high yields money markets.

We know that 5% $SPX correction puts us around 497, 10% correction if in the cards puts us at 475 range, which is previous highs of market prior to bear market:

Lastly, $AMZN we are in some May 190 calls, and will seek to add in 195s maybe 200c as we are bullish on earnings happening next Thurs. OTM calls, have very good OI:

Thurs: Jobless Claims 830am and we have several fed speakers on schedule.

We assume no more "nuclear" news over next 24/48 hours. Our plan calls for technical bounce towards 510 next 2 days.