$GME Meme Basket: No ideaEnjoy the new GME basket. One stock was removed and was replaced with MARA a couple of weeks ago. I would've added APE as -APE in the formula that makes this basket, but Tradingview only allows up to 10 symbols to be combined into 1 ticker and APE is the 11'th ticker in this so...
Down to business, i have literally no clue what's going to happen.
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Data says big downs, looks legit in my opinion. I have some reservations on what's going to happen so i'm keeping my eyes peeled.
In other news, FINV and GRAB are no longer in the data i'm receiving as of yesterday. No reason at all. I contacted TheOCC to see what's up with that.
Funnily enough, GRAB is IN the GME meme basket whilst another ticker called FIVN (Five9) is also in the basket whereas they removed GRAB and FINV(Finvolution). All timed perfectly with this auction error on open yesterday, all also timed perfectly well with when all of Opex Friday's volume was supposed to hit the tape yesterday but instead we got multiple chained glitches instead.
That being said, i have no idea where the market wants to move. TQQQ and QQQ are making huge moves in one direction whilst SPY is making big moves in the opposite direction. This flip happened before in Oct - December 2022 and now seems to be happenining again. I don't know what it means yet. I have no idea the direction we'll be taking. I need more data and more time. There's too many scenarios that could happen and it's impossible to pick the right one right now. We could start seeing volume on Friday due to yesterday's big OPEX volume having been FTD'd, we could see volume today from Monday's T+2 share settlement from option settlement... We could see T+3 share settlement or T+6 settlement into next week's Tuesday. We could see a move in around 33 days from now... it could be anything... So for now, i have no idea.
Guesstimate: Don't trade based on this. I think we'll have a short period of neutral trading as the flip between going short on one pair of Indices (TQQQ,QQQ) happens and shorts cover on SPY. Then we'll have a decent move up and then another move down. No idea about timeframes yet. This one is difficult to quantify. Obviously sideways for the market means downwards for GME, so... yeah.
