Look for a PPT Day push near the close today or early next week. Review of what is required:
- Market at new lows/breaking point
- Relatively high VIX
- High CBOE Put/Call Ratio
- Major pressure on the Financials [banks -20%]
- Negative NYSE Internals [worse than 5:1]
- Political pressure
- Fear/Panic
What to look for is a massive buy candle on any of the major indexes. It will be as long as today’s first 5min down candle–a massive candle. We’re looking for a BIG countertrend move on a major negative day.
My plan is to go ALL IN on FAS and get more than a +10% move. I’m looking for $2 ideally taking profit right before the close. The close should be the day’s high for the market.
If anyone knows the capital it takes to move the Dow Futures +100 points please let me know.
[Update from the close: That was not a PPT push, but a bull fight. A PPT Day shows no hesitation or stalling into gap fills. A PPT push today would have blown up to the SPX open within 5mins then past it--without hesitation. That's why it's PPT, massive capital is behind the move. Still it was a nice move, just not sure enough to go ALL IN with conviction.]
