b) RSI was 80+, other oscilators and stochastics were overbought too
c) Bollinger Bands were breached on both weekly and daily charts
d) if you look at COT - Managed Money usually accumulate for +/-8 weeks before either taking a break or reversing. This is apart from the fact that they accumulated a very substantial long position.
e) market went parabolic, possibly by inflow of dumb money
f) insufficient fundamentals to sustain rally. Rally started on concerns of dry weather but there were rains last few weeks. Next market switched to a concern about slow exports and reducing stocks. But there are reports exports are no longer slow because of this spike. You need to have something like a drought or other strong supply threat to sustain rally. Rally of 2014 - drought, rally of 2016 - 4 minor frosts, rally of 2011 (correct me if I mixing up events) - a combo of poor harvests, weather and investor sentiment aka commodity supercycle
It is now a good opportunity to sell deep out of money calls - premiums are very high because of this crazyness.
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