Daily Market Brief

April 16, 2024

Sideways markets today even with Powell speaking and sellers had a few chances to take us below $5090 area but they failed so up to the bulls to see if they can stage a rally. That $5090 spot is a big deal - we didn’t find bids near that all day and sellers fail to come in and make it work but the higher time frame damage has already been done. I still don’t like being net long exposure here on many names tied to the market and that $5000-$5020 area is on my radar.

Even with a bounce into $5140-$5150 concerns are there to be bearish on the overall flow esp. with Israel/Iran risk which is a big deal - despite what your local Twitter/X guru wants to come off as it’s not.

COIN - this was a good short today off the opening drive and there was a note on the Sunday report about it.

That was an opening drive short-setup. Discussed in FOPT.

This was the rest of the market today.

Housing starts missed and came in -14.7% lower and home builders are down on that. I’ve talked about this at length as big shorts coming and we’re close still. (LongVol Twitter)

The Premium Recap is inside.