Everybody Hates Software — And That’s the Setup

The IGV bounce

IGV has bounced from panic lows, but note RSI remains at 28 only. This has much more potential to squeeze.

IGV weekly RSI still at extremely low levels.

IGV has so far bounced on the 200 weekly MA. Do not underestimate these huge levels.

IGV has a history of forming local lows when RSI reaches extremes like the one we’re seeing now.

IGV bounce potential could be something brutal as so many have been flushed out.

IGV and BTC have moved in very close tandem for a long time. Could we have IGV extend the bounce without BTC joining? You decide.

Exposure to software needs a bigger chart to the downside...

One year ago software traded at a 70% P/E premium to the market. Now it is almost completely gone.

Straddle pricing needs little commenting.