Snowflake - Is It Time To Stop Gambling On Chop?
Updated
Snowflake, a Nasdaq company, has earnings looming post-market, which has IV on weekly calls and puts juiced to 150%.
Yet people are still gambooling on the next big instawin. The problem is you'll blow your account and won't need TradingView anymore and won't be able to have any fun in your community.
Really, a far better proposition if you want 5 and 8:1 odds on things that are like 10 or 20:1 against to hit is to deposit on a sportsbook and put the same risk into a 3-bet parlay on late season MLB.
If you're right you'll even get paid the same day and not have to mess around with charts and bars all day.
Snowflake is one of the tech sector dump casualties, but has never bounced.
The monthly shows very clearly we're simply sitting in $90 worth of range spanning almost a year and a half.
And while $90 in range is pretty good, the problem is that it doesn't pump. There will eventually be a change in market structure and the most likely target is under $110.
Weekly bars show us that the May low has been taken out before earnings, and this is a factor that is not consistent with bank/fund sponsorship to take out the highs.
tradingview.com/x/VQ1Aa7Pq/.
Which hints to us that the largest players who can move the market of a company that is still valued at $49 billion while printing $650~ million in quarterly revenue are probably targeting the bottom of "the flag" and not the top.
While the failure swing at $190 forms a double top and becomes a target, the problem is that everything is set up, with Jackson Hole as the Federal Reserve and the world's most critical financial policy decision pending on Friday, to continue to correct and correct violently into the fourth quarter.
Nasdaq Futures - The Trend Is Your Friend, Until The End
Moreover, a lot of the worldwide economic situation is being heavily driven by what's going on Mainland China with Xi Jinping and the Chinese Communist Party he still hasn't thrown away.
Word in the Western media is that the regime's de facto state run corporations, for whatever reason, are sitting on something like $3 or $4 trillion in real estate debt that's about to explode in their hands.
There's still the problem of natural disasters like the Beijing floods, economic calamities like the International Rules Based Order jawing and chattering about "de-risking" from China, and the impact of the virus that has claimed many, many more people than the few hundred thousand the CCP has officially reported to John Hopkins for the official trackers.
Worst of all is the 24-year persecution and organ harvesting genocide against Falun Dafa's 100 million spiritual practitioners looms over the head of the Party. Even though Xi isn't responsible for the persecution and hasn't participated, it was done by former Chairman Jiang Zemin and the toad faction nested in Shanghai-Babylon, Xi is the one with his head in the prisoners' box because he's now the Chairman of the Party.
And on top of that is an epidemic of arsons masquerading as climate change that have burned to death tens of thousands of hectares of trees and forests and their associated plants and animals.
This world is out of control, but it's not allowed to stay out of control for long.
And while it's on the brink, you're being told to get long by furus, Discord, Telegram, Wechat, Stocktwits, and Reddit, and are happy to take the bait, because you don't see the danger.
So here's what's up for SNOW on earnings.
A really likely theory is that it doesn't do much at all because the option sellers will just hold the price where it is in advance of Jackson Hole, let IV decline, collect all the premium from you as everything expires worthless on Friday and laugh.
And somewhere along the way, Snowflake will have a $12 retrace to bring in breakup traders and take out short sellers to $165. But this $165 will be another form of optimal short entry to target the $100 mark before Q4 expires.
If there's to be upside on this stock, based on the length of time and range of the chop and the specific price action amid the overall market and macro conditions, it would be a lot more likely to come after the lows get taken.
Be careful.
Yet people are still gambooling on the next big instawin. The problem is you'll blow your account and won't need TradingView anymore and won't be able to have any fun in your community.
Really, a far better proposition if you want 5 and 8:1 odds on things that are like 10 or 20:1 against to hit is to deposit on a sportsbook and put the same risk into a 3-bet parlay on late season MLB.
If you're right you'll even get paid the same day and not have to mess around with charts and bars all day.
Snowflake is one of the tech sector dump casualties, but has never bounced.
The monthly shows very clearly we're simply sitting in $90 worth of range spanning almost a year and a half.
And while $90 in range is pretty good, the problem is that it doesn't pump. There will eventually be a change in market structure and the most likely target is under $110.
Weekly bars show us that the May low has been taken out before earnings, and this is a factor that is not consistent with bank/fund sponsorship to take out the highs.
tradingview.com/x/VQ1Aa7Pq/.
Which hints to us that the largest players who can move the market of a company that is still valued at $49 billion while printing $650~ million in quarterly revenue are probably targeting the bottom of "the flag" and not the top.
While the failure swing at $190 forms a double top and becomes a target, the problem is that everything is set up, with Jackson Hole as the Federal Reserve and the world's most critical financial policy decision pending on Friday, to continue to correct and correct violently into the fourth quarter.
Nasdaq Futures - The Trend Is Your Friend, Until The End
Moreover, a lot of the worldwide economic situation is being heavily driven by what's going on Mainland China with Xi Jinping and the Chinese Communist Party he still hasn't thrown away.
Word in the Western media is that the regime's de facto state run corporations, for whatever reason, are sitting on something like $3 or $4 trillion in real estate debt that's about to explode in their hands.
There's still the problem of natural disasters like the Beijing floods, economic calamities like the International Rules Based Order jawing and chattering about "de-risking" from China, and the impact of the virus that has claimed many, many more people than the few hundred thousand the CCP has officially reported to John Hopkins for the official trackers.
Worst of all is the 24-year persecution and organ harvesting genocide against Falun Dafa's 100 million spiritual practitioners looms over the head of the Party. Even though Xi isn't responsible for the persecution and hasn't participated, it was done by former Chairman Jiang Zemin and the toad faction nested in Shanghai-Babylon, Xi is the one with his head in the prisoners' box because he's now the Chairman of the Party.
And on top of that is an epidemic of arsons masquerading as climate change that have burned to death tens of thousands of hectares of trees and forests and their associated plants and animals.
This world is out of control, but it's not allowed to stay out of control for long.
And while it's on the brink, you're being told to get long by furus, Discord, Telegram, Wechat, Stocktwits, and Reddit, and are happy to take the bait, because you don't see the danger.
So here's what's up for SNOW on earnings.
A really likely theory is that it doesn't do much at all because the option sellers will just hold the price where it is in advance of Jackson Hole, let IV decline, collect all the premium from you as everything expires worthless on Friday and laugh.
And somewhere along the way, Snowflake will have a $12 retrace to bring in breakup traders and take out short sellers to $165. But this $165 will be another form of optimal short entry to target the $100 mark before Q4 expires.
If there's to be upside on this stock, based on the length of time and range of the chop and the specific price action amid the overall market and macro conditions, it would be a lot more likely to come after the lows get taken.
Be careful.
Note
If you happened to have shorted the first 3 minutes on market open, congratulations.All that implied volatility everyone paid for isn't worth anything now lol.
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