AMD - UPDATE FROM DRCHELSEA - 4TH CONSOLIDATION BELOW $97.25 !

0. 4 Separate consolidations below $97.25. Amazing;

1. AMD won't be denied;

2. $97.55 is the launcher;

- drchelsea

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4. 4 Consolidations. 4 days in a row. Amazing. Momentum is amazing.

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Quad Witching

It is major Options Expiration Today. Expect the price to be messed with into the close.

- drchelsea

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Range

Currently $95.88 to $97.55

Not sure on how long we consolidate here, or retrace...

Depends on the Santa Rally next week. Are we getting one?

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PREDICTION

1. IF AMD CLOSES ABOVE $97.50 TODAY, WE SANTA CLAUS RALLY NEXT WEEK

2. Below $97, Not sure, Jury out.

3. Below $96.11. Not good.

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This Prediction is for the whole market. Tech that is. AMD will decide what happens as always...

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4. AMD Closes Between $97.01 and $97.45 - VERY GOOD for Next Week :)

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Holy Smokes, I wasn't kidding:

"It is major Options Expiration Today. Expect the price to be messed with into the close."

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Okay. So I did sent a private message to a few people, expecting a correction today, or leading up to December 18th options expiration. Now, we had issues with Stimulus and shut down in the last half hour, and profit taking took hold, we believe. Small correction. Will it continue next week? Based on the close, maybe not. Let's see. I did put a post together last week about VIX and Risk trending together, and to buy some UVXY at $10.55. It shot close to $11.50 today. Anyway, there was a buyer last week with major 80 and 85 calls. They purchased in the money, 1.6M worth. Those were January and March. They also sold a ton of the 90 Calls against this out in January 2022. So somebody believes there is more upside into January / March, and then heading back down. This might be an interpretation. Also, if that seller sold those, AMD would drop just like it did to $93.50 for a few seconds. I had a buy order at $94.11 when the hammer started to fall. We closed a large position at $97.11 and $97.05, about 2 minutes before the break, based on other equities and the VIX, we felt AMD would cave at some point. It did. We sold a bunch of calls right before we sold the shares. Also, we bought the shares back, and sold more calls at the close after the rebound, and we covered the short calls at $97.11 at the same time. It was quite fun. We made out really well in the past few weeks. I think we consolidate now below $97.50. Not sure of the trading range yet. Next week will tell. Have a good weekend.

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HERE

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Also the VIX predicted this, as it trended from $10.40 to $12.40, but no correction. Then back down to $10.75 or so, and Voila correction. VIX usually goes up before it happens. Check Feb 2020.

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Final Comment

Today's Action, for both AMD and the Market was a complete retest. Especially AMD. We retested the $93.50 breakout, and $94.11, and closed back in range. $95.88 to $97.11, which I stated earlier. Quite funny where we closed. This was a very quick correction.