Seasonality Sell for $MS into May ($XLF, $KRE)
Updated
There is the potential for a nice selloff in MS (and 
BAC) after busting a parallel channel. The banks have been hit during virus.
On May 4 we received a rare 2 million single block trade on MS, which we have splashed and are testing now. We are dropping below. This is a very bearish signal for me.
MAY 6 2020, 10:13 AM EDT
VOL (K) | PRICE ($) | 🔼
--------.-----------.----------
📈
MS
--------.--(MAY04)--.----------
2,000 | 37.62 | 💔 -0.65%
BAC) after busting a parallel channel. The banks have been hit during virus.On May 4 we received a rare 2 million single block trade on MS, which we have splashed and are testing now. We are dropping below. This is a very bearish signal for me.
MAY 6 2020, 10:13 AM EDT
VOL (K) | PRICE ($) | 🔼
--------.-----------.----------
📈
MS--------.--(MAY04)--.----------
2,000 | 37.62 | 💔 -0.65%
Note
We are dropping below the block, now 0.6% below indicated by the snapshot report above.Note
MS (and other banks) typically have a selloff somewhere after the April FOMC and into May (sell in May). This shows a big drop in the next few days.Note
Barely missed the 38.2% retracement this week. Maybe this trade gets a second wind but it is that time of year where it will not be easy. Probably the best option would have been OTM credit call spreads sold.
Find the edge.
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Website: daily-edge.com
Twitter: twitter.com/dailyEdgeGroup
Youtube: youtube.com/c/TheDailyEdgeTradingGroup
Telegram: t.me/mortdiggiddy
Paypal: paypal.me/mortdiggiddy
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