After months of being unapologetically bullish, calling for the “Summer of Rippy”, I said 6700 was coming, it finally traded, half a point shy. And now the setup changed.
For the first time since spring, the market isn’t pointing higher. The asymmetry has flipped and in my opinion, this is the most threatening setup we’ve seen in months.
On Tuesday, with SPX at 6695, I bought 6650p expiring Oct 10th for $50.50. They’re already marked at 75.
Why? Let me explain…