Quad Witch Slams Natgas — Nick Santiago 12-11-23 #550
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Quad Witch Slams Natgas — Nick Santiago 12-11-23 #550
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Description
1. Quad witching options expiration this Friday Dec 15th. This is a week for wild news, ridiculous upgrades/downgrades and lots of rumors. Letsthe games begin. 2. Mega cap tech stocks...
show more2. Mega cap tech stocks are pulling back today. $AAPL GOOG, AMZN, MSFT and NVDA are just a few leading tech stocks that are down by more than 1% at the open. This is again likely due to options expiration. As a rule, stocks that have been surging will pull back this week, stocks that are in the gutter will often bounce, hence, Cigna (CI).
3. Nat gas (UNG) is getting hammered today trading down by 10% to $2.31. About 2-3 weeks ago the chart started to make small bearish consolidation patterns on the daily chart and that has led to downside. I'm watching this closely as I will be looking to buy this a little lower. I'm sure a lot of today's large decline is options ex related.
4. Gold is under some early pressure trading lower by 0.7%. Often, gold is very vulnerable during an options expiration week. In the past, we have seen some very big declines in the precious metal during a quadruple of options ex week. I'm sure there were lots of call options purchased recently as gold was looking like a possible breakout play.
5. Bitcoin is selling off sharply today trading down by nearly 5% this morning. Again, I think this has a lot to do with options expiration. The recent run in bitcoin has been very large and now we are seeing a pullback today. I'm not expecting too much from here until the spot bitcoin ETF news is announced.
Visit Nicks site at:https://inthemoneystocks.com
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