Can't believe the market lost +4% today!

TheDawn said:
And they picked Target!! Like seriously??!! The freaking company's weight is only 0.29XX something in the entire index. And it was able to bring down Walmart and Amazon!! What does Amazon have anything to do with Target??!! It's not even operating in the same segment, one is brick & mortar and the other is online retailing. The entire index was down except for three companies. https://www.slickcharts.com/sp500 That was absolutely ridiculous!!

I don't want to sound like a conspiracy theorist but today looked like a shake-up by the MM's against the retail traders. The level that the market stopped at, 3915 for S&P500 is just way too arbitrary. It's neither a fibo nor a support/resistance level. Why stop there? Why not 3858 which is a previous support of 2 days ago? Why not the fibo level of 3816? Why stop at 3915? Why not higher at 4000? I don't have the books but I bet you there were a lot of retail positions at 3915. It's just too suspicious that the market turned right around at 3915 clean.
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What do you mean stopped at 3915? Who says it can't go down further tonight/tomorrow?
 
Overnight said:
It's a measure of the pulse of the consumer. And I think what you have to look at deeper is what they said in the conference call. That going forward, they see their margins eroding even farther due to inflation. <------This is the key point.

The fact that all three were bad, means all of the retail space is facing a headwind. If one or two were bad, OK. But lump them together, and 80% of the US economy is going to shrink, because the US economy is 80% consumer.
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And yet we got:

USD Core Retail Sales m/m: Actual 0.6% > Forecast 0.4% just published yesterday on May 17 and if all three of them represent 80% retail, then where did that number come from??
 
Shorting is more risky so more risk control is warranted. Better yet only short during day trading. Overnight risk is too high in the current volatile market.

I shorted QQQ today only for day trading. No brainer.
 
TheDawn said:
And yet we got:

USD Core Retail Sales m/m: Actual 0.6% > Forecast 0.4% just published yesterday on May 17 and if all three of them represent 80% retail, then where did that number come from??
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That was for last month, April. The markets always look forward, not back.
 
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yesterday, there were many happy faces ( mostly traders from elitetrader.com).
there were also many sad faces (mostly investors from eliteinvestor.com).


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