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this market is headed lower
- Thread starter empee
- Start date
I'm seeing the rising wedge (usually a continuation pattern) with a breakout to the upside in the QQQQs but so far unconfirmed by the SOX (or spx) which has been a great tell for the last year. Could be a false breakout in which case we will likley go down hard and fast and break through the bottom of the wedge and indeed continue toward the lowswhich should not hold. Risk reward here is good being long NQ with a stop below the lower wedge trendline, with a lot of cheap OTM puts incase this is a false breakout. This is obviously happening with the backdrop of the ever growing stimulus package and whatever the announcement for the bank fix will be next week. Improving PMI numbers here and abroad today,an uptick in China, and lumber limit up re just some signs of an uptick in economic activity. As we get closer to pri9ce equilibrium (as prices readjust to new level of demand it is to be expected that economic activity would start to pick up, right now the signs could just be a bounce but if economic activity continues to uptick would be confirmation of a bottom).
Quote from empee:
big day will be monday in confirming but look at anything UPS, FDX, CAT, CSCO, MGM, UPS, MSFT etc (some have already started lower on heavy volume). and of course TXT
Of course, lets see what weekend news brings.
:eek:
lol u suck
the weekend brought more upside. And there will be more this week. No more shoes to drop. Just buy all you can and make $$