Don't short Bezos unless Bezos shorts Bezos.
Here is the run down as of the end of the day today:
Below the MSL (macro bearish overhead resistance) & waning momentum:
Approaching a Neutral MSL (means net neutral stance):
Above the MSL (macro bullish support underneath) & resetting momentum:
INTERNALS - bullish exhaustion symptoms are everywhere but TRIN still strong and AMZN and NFLX short squeezed some folks today and carried indexes with them.
Here are consistent theme across everything:
Internals turning over today under the surface
Buyers where chasers and on low volume
Tech held up what would have been red day
VIX short targeting was theme from 3PM on.
Thin leadership across everything so large caps doing all the work
Real Estate, Banks, and Small Caps drubbed
Momo Risk-on trades (XBI/XLV) were meh and internals rolling over
Reeks of distribution still under the surface.
Fed also notated today that they are going to wind down overnight REPO...they last did this in mid-late February...at the end of a large bullish bounce...right before OPEX and VIX bottoming...is this groundhog day all over again but from a lower high?
More tomorrow - stay safe - cash is never trash.