As previously discussed the BIAS was clearly bearish going into this OPEX (Option Expiration) but Mr. Market treated us with a solid rally against the odds. As you can see from the above the initial positioning was already well advanced, i.o.W. there were already to many bearish bets (the blue line was already too far down..) in the market in order to let the bearish bias materialize. Reading Sentiment is an artform not a science, meaning all you get are the odds and a probability that this set up plays out on average but this week was apparently the exception....
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