First of all, I should've known EUro PMI was coming out, oops.
Anyways, I didn't short yesterday because RSI was touching oversold and this drop was already the same size as the previous drop. (Two red arrows) The fact that the drop is accelerating is bad news.
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Not gonna chase this drop with the stock market, wanted to short shitcoin but premiums were way too high. Decided to go into GLD puts, options premium is only 1% for next week compared to 4% for BITO plus gold already broke support.
EWZ (Brazil) would probably be another good choice if you think gold and oil are gonna drop further, EWZ trades with commodities
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Way oversold on RSI but for some reason MFI has not gone oversold yet, same with NQ
No point in going long on anything over the weekend, I'd rather see another tank Monday and play the bounce Tuesday.
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MFI still not oversold. I expect an EOD short covering kick, but bearish for Monday because Europe controls the gap direction.
Don;t go long overnight on anything without looking at Europe. this morning should be a lesson....
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Best guess is a gap down Monday and reversal
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There's the end of the week short covering I expected.