There does seem to be no bite to the indices lately...and that breadth is fucking atrocious...the market was green and it was like A/D 25%/75%. Crazy. 
Today was the start of an intermediate term correction
- Thread starter EtfTraderLives
- Start date
we got bulls and bears and the bulls want the market to go up and the bears want it to go down and this is what makes hte stock market work. We need bears and bulls. Bears need to make their small profit and then cover so we can go higher later.
The dow is only down 5 points. The sp00z only down a little.
In conclusion if your short consider covering soon. Otherwise your profits will be short lived.
The dow is only down 5 points. The sp00z only down a little.
In conclusion if your short consider covering soon. Otherwise your profits will be short lived.
spooz down half a percent after failing to close at new highs. We're at a very big historical mark and in an economic slump of sorts some would say after an amazing bull run. To not be concerned would be the dumb thing I'd say...to at least acknowledge it and prepare to make money off of it would be smart or at least astute.
The VIX has charged ahead nicely and I've been loading up on August 15 calls which I think are fairly cheap right now considering any pullback in the spooz will kick the VIX up nicely....would take a lot of steady climbing to keep it from spiking before then.
I am well aware that there aren't many "technicians" that frequent this website but I thinik that it is important to point out that the 21-day MA has kept this entire rally intact ever since the thrust off the early March lows. The market has kept its uptrend intact ever since, and has never violated the 21-day MA.
Currently coming in at 1506.00
Currently coming in at 1506.00
Quote from Landis82:
I am well aware that there aren't many "technicians" that frequent this website but I thinik that it is important to point out that the 21-day MA has kept this entire rally intact ever since the thrust off the early March lows. The market has kept its uptrend intact ever since, and has never violated the 21-day MA.
Currently coming in at 1506.00
Today is never the day for anything
The sp00z doesn't have to do anything. People were making similar statements when it was at 1400. It is driven by fundamentals and to a much lesser degree, technicals. Technicals are useful for very short trends but fail in the long term regarding the sp00z.
Given the often ridiculously ABSURD "Bull/Bear" arguments that often occur on this website, I would tend to place my money on the charts and technicals every single time.
As I said earlier, the market is in a short-term pullback under the 1516 level with 1506 being a supportive area due to the 21-day MA.
The Holiday like "thin" trading atmosphere is a perfect environment for a pullback ahead of the 3-day weekend.
So far, we have seen 1508.44 SPX
spooz dropped below support it's tested a few times since March...looks like we could see some selloff here if we close in this range.