evening wrap
market vibes
October 4 … )
“Contradictions do not exist. Whenever you think that you are facing a contradiction, check your premises. You will find that one of them is wrong” Ayn Rand
The Port strike was suspeneded until 2025, Biden asked Israel stand down and not strike Iran’s oil facilities (bearish), and an ultra hot NFP lit up the stock market at 8:30 AM EDT this morning.
The S&Ps was a see saw day, with heavy selling on the opening again, and banging the close again. I really think the S&P should consider a big cap index. The S&P 500 is really the S&P 10.
Silver made another run at the highs. SLV made an ATH trading through the $30 barrier at $30.07 but optionality and selling knocked it down a few cents where it stayed for the rest of the session. Silver continues to develop horizontally in the low $30s just beneath 12 year highs. I often say a market that clings to its highs implies unfilled buying below.
It looks like a few million shares of SLV $30 Cs and $29.50 Cs in SLV will expire worthless which is the great part of gamma at risk for October 4. But is was exciting for a few minutes! Lol!
It’s a game. Longs and shorts play it but…the market always wins. We’ll be back on October 11.
In other markets
