So is tomorrow knife-to-the-gut day?

S

Saltynuts

Up today, but well off the highs, and up on much weaker volume than recent up days. Some of you have been calling for a further sell-off. Is that likely coming (starting) tomorrow? It just feels like tomorrow might be a bad (materially down) day...
 
You weren't the only one to catch the low volume today--though I think that's a bit misleading. We're still tracking above 10-day averages in most stocks--and those greatly inflated by the preceding week. But the bigger story here was the anemic volume into close--meaning institutional wasn't jumping on board. What I did notice is strong stocks were maintaining high volume today. I'd view that as cause for prudent caution but not more. I'm letting my bulls ride today, and just managed a few of them through the day; but I wouldn't have been buying much today or getting out of much either--just lightening winners and rolling up and out.

Beyond that, I think the fundamental case here is pretty strong, and I think you'd have seen more buying this afternoon if we hadn't advanced so much. Sellers weren't stepping in to keep prices down.
 
I’d expect the market to spend the next 30 days minimum making many attempts to go lower. I’d expect more down days than up days. Eventually it will find support, but it’s going to take more than just one shot, before it moves higher.
 
Pondman said:
I’d expect the market to spend the next 30 days minimum making many attempts to go lower. I’d expect more down days than up days. Eventually it will find support, but it’s going to take more than just one shot, before it moves higher.
More...
You mean like bottom fishing in a pond? Or like a frog floating on a lilly pad in a lake of pain?
 
Pondman said:
I’d expect the market to spend the next 30 days minimum making many attempts to go lower. I’d expect more down days than up days. Eventually it will find support, but it’s going to take more than just one shot, before it moves higher.
More...
Im seeing the same, you can see a descending wedge on the 15m, 1h and maybe even 4h. Atleast 2 retests of the lows feels very probable before a quick rally up back to 2730. (S&P500)
 
Looks like bears just rolled over here. Look for strong buying into the close today to confirm the recovery. On the lighter volume today, I'll be scared if we get a weak close like we did yesterday.
 
You must log in or register to reply here.
Back
Top